A VA loan is a guaranteed mortgage loan supported by the U.S. Department of Veteran Affairs that allows veterans to obtain home mortgages without a down payment.
- 0% Down Payment - more than 90% of VA loans require no down payment
- No mortgage insurance
- No pre-payment penalty
- You do not have to be a first-time homebuyer
Basic VA Loan Guidelines:
Beyond meeting service requirements, you must also follow the following guidelines in order to get a VA loan:
- Be an eligible Veteran or military spouse with available VA loan entitlement.
- Use the VA loans for an eligible purpose (homeownership).
- Occupy, or intend to occupy the home within a reasonable time (typically within 60 days of closing).
- Be an acceptable credit risk
- Have stable and sufficient income to make mortgage payments, pay debt obligations, cover the costs of owning a home and have enough left over for discretionary income after all major expenses.
Who is Eligible for a VA Loan?
The VA requires prospective borrowers to meet one of the following:
- Serve 90 consecutive days on active duty during wartime, or
- Serve 181 days on active duty during peacetime, or
- Serve 6 years in the Reserves or National Guard, or
- Be the surviving spouse of a service member who died while serving or due to a service-connected disability.
If you served less than the requirement with a discharge other than dishonorable, you still might be eligible. Request the Certificate of Eligibility (COE) to determine your status.
Recommended Next Step: You may still have many questions about this or other mortgage options. Please take a few minutes to fill out a loan application with Doorway Home Loans. One of our local Home Finance Specialists will be in touch to understand your goal and take you through your eligible mortgage options. Apply Now