Meet a Lender’s Credit Score and Income Requirements

Meet a Lender’s Credit Score and Income Requirements

LoanDepot

LoanDepot is among the largest non-bank lenders in the country and offers various loan products, including VA loans. The lender is an ideal choice if you’re short on time and you need to close a VA loan fast. LoanDepot’s Mello Smartloan digital application eliminates paperwork to reduce the closing time by 17 days.

A minimum credit score of 620 is required for a loan, but loanDepot doesn’t publish the APR, so you have to apply to find out what you qualify for. However, they will waive the refinancing fee for any existing customers.

NewDay USA

Founded in 1998, NewDay USA is a veteran-focused lender specializing in VA home loans. To date, the lender has helped more than 75,000 veteran families buy homes. NewDay offers fixed-rate mortgages with 15-year or 30-year terms as well as mortgage refinancing while providing additional benefits.

You can save up to $3,000 in mortgage payments per year through the VA Streamline Refinance. The company offers a cash-out refinance equivalent to 100% of your home’s value. NewDay USA does not openly advertise its mortgage rates, so you would have to apply to find out. It’s also unclear if NewDay charges an origination fee as they don’t reveal their lender fees upfront.

What are VA loans?

VA loans are mortgage products backed by the Department of Veterans Affairs. These loans allow service members, veterans, and their surviving spouses to buy homes with little or no money down and avoid private mortgage insurance. In addition, VA loans feature some of the most competitive interest rates on the market.

Although conventional mortgage lenders issue VA loans, they’re guaranteed by the federal government. Unlike standard loans, VA loans provide 100% financing when buying a home. Eligible borrowers can use the VA loan to purchase or build a house, renovate a house, or refinance their mortgage. Continue reading