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3 Characteristics of the VA Home Loans One Should Be Aware Of

The VA loans in Texas offer great benefits to the veterans compared to the other conventional loans and it also has certain characteristics about which one must be aware of. <br>

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3 Characteristics of the VA Home Loans One Should Be Aware Of

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  1. 3 Characteristics of the VA Home Loans One Should Be Aware Of The ​VA loans in Texas offer great benefits to the veterans compared to the other conventional loans and it also has certain characteristics about which one must be aware of. Let us have a look at the characteristics of the VA loans emphasized by ​Simplifiloans​. Leniency towards Bankruptcy/foreclosure/short sale When it comes to negative credit events like bankruptcies, foreclosures, and short sales, the VA loans are also more lenient. If you require another home loan, then each of these will trigger a required waiting period before you are eligible for the next one. With the conventional loans, the waiting period is high from 4 up to 7 years.

  2. VA Loans has Lower Benchmarking The best part of the ​VA loans in Texas is that it doesn’t require a certain credit score for veterans to be eligible for the VA home loan. The government also doesn’t issue the loans instead it guarantees a portion of each and every loan to the lender on behalf of the buyers. The lenders are allowed to have the additional requirements that are known as the “overlays” as they take most of the loans on risks. The most common qualifier added is the minimum credit score. Another advantage of the VA loans is that most VA lenders accept the scores below ​what is required for conventional financing​. The score of 620 is a common cutoff for the VA loans though the cutoffs vary by the lenders. For the other conventional loans, the buyers need to have at least a score of 660 FICO. To get the best rates and terms, the buyers need to have a score of at least 740. Strains on the credit and finances are often kept by the military services and so the VA loans are a very good option for the military men as it provides a number of excellent benefits. Lower Interest rates The interest rate that is offered by the lender will depend on the credit score of the buyer. The VA loans offer lower interest rates than​ the conventional loans and it is the best part of it​. It requires no down payment and the veterans are considering another very crucial benefit of it. Now, as you have seen the characteristics of the VA loans given by Simplifiloans, you can consider it while you buy your next home loan. To Contact Us Company Name: ​Simplifi Loans Address: ​14114 Dallas Parkway Ste 560 Dallas, Texas 75254 Phone:​ 8885071756 Email id: ​info@simplifiloans.com Website:​​https://www.simplifiloans.com/ To Connect With Us

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