VA Loan
A mortgage benefit available to eligible US veterans, active-duty service members, and surviving spouses, guaranteed by the Department of Veterans Affairs. No down payment required, no private mortgage insurance, and competitive interest rates. No official minimum credit score from the VA, though most lenders require 620.
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Browse all defined terms by category.
- Mortgage
A loan used to purchase or refinance real estate, where the property serves as collateral. Mortgages are installment loans with terms typically ranging from 10 to 30 years. Missing mortgage payments can lead to foreclosure. Minimum credit scores vary by loan type (FHA: 500, conventional: 620).
- Down Payment
The upfront cash amount paid at the time of purchasing a home or vehicle, representing the portion of the purchase price not financed by a loan. A larger down payment reduces your loan amount and may help you avoid private mortgage insurance (PMI) on conventional loans.
Frequently Asked Questions About VA Loan
What does VA Loan mean?
A mortgage benefit available to eligible US veterans, active-duty service members, and surviving spouses, guaranteed by the Department of Veterans Affairs. No down payment required, no private mortgage insurance, and competitive interest rates. No official minimum credit score from the VA, though most lenders require 620.
Is VA Loan important for my FICO® score?
Understanding VA Loan helps you manage your credit profile more effectively, which in turn supports a stronger FICO® score.