Source: Bankrate —
For many people, buying a home requires a pile of cash, putting homeownership out of reach. However, for those who qualify because of their military service (or spouse’s military service), it’s possible to get help buying a home with little or no money down through the VA loan program.
What is a VA loan?
A VA loan is guaranteed by the U.S. Department of Veterans Affairs. The loan itself isn’t actually made by the government, but the fact that it’s backed by a government agency makes lenders feel more comfortable offering these loans because they take on less risk than with a conventional mortgage.
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If you’re one of the following military personnel, you have a shot at being eligible for all the incredible benefits of the VA Home Loan!
The first factor determining the rate you receive on your VA home loan is your credit score. While the VA usually only requires a credit score of 620, those looking for a more affordable interest rate will need a higher credit score than the minimum.