VA LOANS

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.

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.

 

Benefits:

  • 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.

 

 

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