How Do VA Loans Work?
VA Loan Requirements
The VA loan is a benefit offered through the VA to eligible service members and their surviving spouses. Veterans can qualify with benefits on the VA loan that are not offered through any other loan program like conventional or FHA home loans.
Types of VA Loans
| VA Purchase | Basic VA mortgage |
| VA IRRL | Similar to a regular rate/term refinance, but with less required documentation and a lower VA funding fee (for those with existing VA loans) |
| VA Cash-Out Refinance | Take cash out from the equity on your home for purposes such as home improvement or debt consolidation |
| VA Jumbo | VA home loan that exceeds the conforming loan limits |
VA Loan Requirements
Veterans may qualify if they meet one or more of these requirements:
• Have served 181 days of active service during peacetime
• Have served 90 consecutive days during wartime
• More than 6 years of service in the National Guard or Reserves or served 90 days under Title 32 orders
• Spouse of a service member who died while serving or due to a service-connected disability
Credit Score
There is no credit score limit set by the VA, so it varies by lender and their overlays. Access Capital Group requires a 580 score for our standard program but are able to lend down to a 500 score with our VA specialty program.
Property
Veterans must follow the occupancy requirements of the VA program, meaning they must occupy their home for at least the first 12 months of ownership. Veterans can purchase single family residences, condos, and manufactured homes with the VA loan. However, condos and manufactured homes have additional requirements. Condos must be on the VA approved condo list and manufactured homes must be affixed to owned property.
