– Tim Rowen – General Manager – Stanford Mortgage
Don’t get stuck trying to dissect what the facts and myths are when it comes to your VA loan. The truth is VA loans are lenient, forgiving, and flexible. Here we lay out everything you need to know so you can get started on your VA home loan application with Stanford Mortgage today!
We understand that not everybody has a perfect credit record. Don’t let a former foreclosure bankruptcy impede your loan application. If you have a solid record of paying on-time payments for a year your waiting period to acquire a VA loan in less than 2 years.
The average FICO credit score for a conventional loan is 737 while the minimum for a VA loan is 620 (or 660 for those with a high balance). With no monthly mortgage insurance and zero down for a down payment, obtaining a VA loan is made to be borrower-friendly for service members.
Every borrower must fit the criteria and meet the required standards, but there’s comfort in knowing that for our dedicated vets, the application for a VA loan is made to be friendly and easier than most conventional loans. Contact one of our mortgage advisors today at Stanford Mortgage today to see what is a good fit for you!