The Department of Veterans Affairs backs VA loans. This allows credit unions like UMe to offer incredible loans to incredible people like you who have served our country. The VA also provides insurance on loans they guarantee. This protects the lender if you default on your VA mortgage (not gonna happen, we know!). This backing means we might be able to offer you a loan even if your financial situation isn’t typical.
Here are a few of the best things about credit union VA loans:
No down payment needed
Easier qualifying—we’re not just looking at your credit score
Your income can be a little lower, but it can also be higher (FHA loans have an income limit, you see)
The VA caps closing costs, limiting what lenders can charge you
You can use the VA home loan program to buy your first home, or you can be a repeat buyer
You can transfer your VA home loan to another eligible Veteran in the future (because it’s what we call “assumable”)
