Las Vegas, Nevada
Las Vegas VA Credit Score Requirements
Las Vegas, VA Home Loan Credit Score Requirements
VA Home Loans and Credit Score Minimums | What Should Las Vegas Buyers Know?
...That leaves a few questions though doesn't it?
But what exactly is a good credit score?
Does the VA have a credit score minimum amount?
How do the VA credit requirements stack up against other mortgage options such as conventional and FHA?
One of the primary benefits of the VA Home Loan is its lenient credit score requirements
Do VA Loans Have Credit Scores Minimums as Requirements in Las Vegas, Nevada?
No VA Home Loan Requirements do not state a particular credit score requirements.
That being said, we need to try to understand the VA's position in the VA mortgage loan process.
The Department of Veterans Affairs advises this particular mortgage program and guarantees the mortgage lending company a portion of each VA Home Loan in case the borrower defaults. That being said, the Department of Veterans Affairs does not actually give out the money to the borrowers, or issue the loans. The VA also doesn't have direct credit score requirements because both of those jobs are the duties of the VA Home Loan Lender you end up choosing.
Okay, so why should I choose the VA home loan. How does it compare to other mortgage types?
Again, that's another great question that you should definitely be asking to stay educated when it comes to buying or purchasing your next home.
Ultimately, it all comes down to FICO credit scores (these range from 300-850).
Wikipedia's exact definition of a credit score
A credit score is a numerical expression based on a level analysis of a person's credit files, to represent the creditworthiness of the person. A credit score is primarily based on a credit report information typically sourced from credit bureaus.
The biggest advantage of obtaining a VA Home Loan is the low credit score requirements and the zero down payment requirements.
The VA Home Loan vs. The FHA Home Loan vs. The Conventional Loan
VA Home Loan
- Government Insured
- Only for those who have served in the military
- Zero down payment required in most cases
FHA Home Loan
- Government Insured
- For every day citizens
- Down payments of 3.5% and up
Conventional Home Loan
- Not Government Insured
- Interest rates vary greatly based on credit score
- Usually have the highest down payments
What if I don't meet the VA Home Loan Credit Requirements for Las Vegas?
Potential VA loan borrowers shouldn't abandon their ideal dream of owning their own home. Credit has an amazing amount of flexibility and is a constantly changing environment. Improve your financial well-being and your FICO credit score will rise exponentially. All you have to do is know what financial improvements to make. Should you pay off high-interest debt? Should you cancel certain credit cards? How should you handle bankruptcy that won't seem to leave you alone? Call us at (816) 945-9924 so one of our VA home loan specialists can walk you through your individual circumstances.