How's going everybody i'm Mark MacInerney president/ceo code mark financial and I'm a die-hard Houston Texans fan So we're talking about loan programs. We've talked about conventional loans we've talked about FHA loans now we're talking about VA loans. First and foremost VA loans are only for veterans and their spouses. I'd like to take a quick insert to say thank you as always to veterans out there that are working hard sacrificing their lives because it is because of what you do that I can do what i do so thank you. VA loans very much like FHA loans do not have a minimum credit score requirement now you'll be hard-pressed to find a lender that will go down to a zero credit score. Most lenders that I've found will only go down as low as 580 and this is where I've talked about in previous episodes of where lenders will go below 640 and this is that space and i'm speaking up for the FHA style loans now as always I have to preface focus on keeping your score in that mid 600 range because the higher credit score we always the answer is the easier loan process is going to be the better the interest rate you're going to get and then also the more loan programs you can open up to yourself to have more options but nonetheless you can go as low as 580.
Another plus zero percent is what is needed for your down payment. Now I got a lot of veterans that come to me and say hey Mark I do not want to pay anything at closing that's fine that's also even doable but just know that the zero-percent doesn't mean no money at all that is 0% for the down payment for your VA loan program there's always closing costs associated when you're buying a house.
Now again more good news the good news about doing a VA loan is you can ask the seller to cover your closing costs up to as much as six percent and another great perk about VA loans is that they don't have any mortgage insurance ever! So that's a plus again these are largely the privileges to veterans for the sacrifice again about what you do for our country. The ideal veteran for buying candidate for be a loan would be somebody with the credit score 580 or higher prefers to put no money down so that they can use the zero-percent down privilege as well as also asking the seller's to contribute up to six percent towards the closing costs as a matter of fact there are closing costs that the sellers have to pay any way you can reference any VA table that are the allowable and unallowable to find out what those are.
Next time we're going to talk about USDA loans. USDA loans are for rural properties there are certain requirements for the borrower as well as the property to be determined whether or not it is USDA eligible. Until then I'm Mark MacInerney presidency and CEO of Codemark Financial catch us every Friday live on Facebook with lunch with Mark and also you can check out our youtube channel codemarkTV and I'm out.
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