The historic VA home loan program is in the middle of an incredible stretch.
The Department of Veterans Affairs backed its 20 millionth loan in October 2012. The program set an all-time record for loan guarantees in FY 2013, and it's on the verge of breaking that just two years later.
Veterans and service members are turning to this flexible, $0 down home loan like never before, driven in large part by a tough and unwelcoming credit environment. VA loan volume has soared since the housing crash, and this long-cherished loan product has emerged as arguably the most powerful mortgage on the market.
I've had the honor of interviewing Mike Frueh, director of the VA loan program, several times during the last few years. Our latest conversation about VA loans and veteran homeownership took place at the beautiful U.S. Navy Memorial in Washington, D.C.
We covered a host of topics during our 40-minute conversation, from the amazing growth of VA loans to the critical role they're playing for first-time homebuyers and veterans in the current housing market.
Buying a condominium with you VA home loan benefit is a great option. However, there are additional requirements that differ from purchasing a single-family residence or a multiunit complex.
Credit score requirements vary by lender. However, most lenders have similar criteria. Let's look at the minimum credit score for a VA loan and what lenders typically expect.