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VA Mortgages
VA loans are backed by the Department of Veterans Affairs to assist eligible Veterans, active-duty service members, and qualifying surviving spouses in purchasing, refinancing, or improving a home. These loans frequently feature no down payment required (for those with full entitlement), reduced closing costs compared to many other options, competitive interest rates, and no private mortgage insurance (PMI). The VA itself does not set a minimum credit score requirement, most of our investors look for 580 or higher.
Reasons to choose a VA mortgage
VA mortgage do not require a down payment and there is no loan limit. They do not require mortgage insurance and offer the most competitive mortgage interest rates
VA mortgage guidelines
To qualify for a VA mortgage, you will need:
Overview of VA Mortgage Programs
FHA offers several different products to help purchase, an existing home, build a new home, a streamlined rate-term refinance and cash-out refinance
Today's 30-Year VA Mortgage Rates
This chart is the daily national average for VA loans. Your actual rate could be better or worse depending on your financial profile. VA loans come with a funding fee that varies between initial use, subsequent use and down payment percentage. Disabled veterans may be exempt from this fee. VA loans do not have mortgage insurance. Rates are subject to change, without notice. Contact your Scout Advisors loan officer for your custom tailored rate quote.
Data source: OBMMI
Apply for a VA mortgage
VA loans are for eligible Veterans, active-duty service members, and qualifying surviving spouses in purchasing, refinancing, or improving a home.
No - VA loans do not require a down payment, as long as the loan amount fits within your entitlement and the property appraises for the purchase price
No, VA loans do not require mortgage insurance, even without a down payment. This can save you hundreds of dollars per month, compared to FHA or conventional
VA rates are generally lower than conventional. Your exact rate depends on credit, down payment and market conditions
Yes - VA requires an appraisal to ensure the home meets Minimum Property Requirements for safety, security and soundness. This means all utilities are working and no major structural issues
Yes - VA borrowers need to make 6 on time payments before they are eligible to do an IRRRL
