FAQs
What is the minimum credit score for a VA Home Loan?
The VA does not have a minimum credit score requirement. Some banks/lenders may impose a credit score requirement on top of the VA credit guidelines. Benchmark Mortgage follows the VA requirements only requiring extra “compensating factors” for low credit scores.
What are “Lender Overlays” on VA Home Loans?
Overlays are qualification requirements imposed by a lender that exceed the basic VA guidelines. They are an extra layer of guidelines that borrowers must meet to qualify for a mortgage using that particular lender. Not all lenders have overlays.
Are Termite Inspections Required on VA Loans?
Termites are more prevalent in some places than others. The VA does not require termite inspections in 11 states, including Idaho, Oregon, and Washington unless the appraiser sees evidence of wood destroying insects. Here’s a helpful map:
