VA Mortgage Loans In Silicon Valley

Frequently Asked Questions About Silicon Valley VA Lenders

VA Home Loans VS. First Time Buyer

First Time Buyer loans, otherwise referred to as FHA loans, are accessible to new homebuyers who may not have as much established credit or financial security as more experienced purchases that may be considering JUMBO loans or conventional purchase loans. Both loan types are for primary residence purchases only, but other than that, they have very different terms and eligibility requirements.

FHA loans require 3.5% down payments at a minimum, whereas the VA will offer their homebuyers 0% down payments in most instances. For FHA loans, mortgage insurance is required both upfront and monthly, but VA loans don’t require any sort of mortgage insurance. Instead, VA home loan buyers just pay a one-time fee to the VA itself. 

Both loan options are pretty forgiving to applicants, but lenders will still need to see some minimum thresholds achieved, such as solid credit (around 620 or greater for VA, 570 or greater for FHA) and DTI (Under 41% is ideal for VA, 50% or less is suitable for FHA). 

How to Get a VA Mortgage Loan in Silicon Valley?

Contact a lender like us to see if you’re eligible for a VA loan. Assuming you’re a veteran or active military, want to purchase a primary residence, and have the financial ability to make on-time mortgage payments, you can get approved for a VA mortgage loan in California (or any other state you may be interested in moving to)

How to qualify for a VA Home Loan in Silicon Valley?

Whether you live in Silicon Valley, Northern California, or anywhere else in the country, you’ll want to check out the VA’s current policies and requirements for VA home loan approvals. Here you’ll find information about what’s needed to apply and be approved for a VA mortgage loan.

How to qualify for a VA Home Loan in Silicon Valley?

Before you can get pre-approved for a VA home loan, you’ll want to get a handle on your financial information such as credit score, DTI, how much you can afford monthly, proof of income, etc., so that your lender can present you with the best possible options. Once you’ve applied, lenders will check your credit to ensure you meet their eligibility requirements, and then you proceed accordingly.

What does your credit score need to be to get a VA loan?

While every lender’s criteria are different and the VA sets no official minimum, you can reasonably expect to need at least a 620 credit score to qualify for the type of home you want. Lower scores may be acceptable with supporting documentation, but you won’t know what you’re eligible for until you get the application process started.