• Veterans Affairs

  • About Home Loans
    VA (Veterans Administration) helps Service members, Veterans, and eligible surviving spouses become homeowners. As part of our mission to serve you, VA provides a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy.
    VA Home Loans are provided by private lenders, such as banks and mortgage companies. VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms.
    A VA guaranteed home loan is the preferred loan program for active, non-active, Reserve, National Guard, and retired military of the armed forces because there is no down payment needed and no private monthly mortgage insurance (PMI) required.
    A VA home loan can be used to purchase a home or refinance an existing mortgage. 

    Primary Benefits of a VA Home Loan:

    • 100% financing
    • No monthly private mortgage insurance is required
    • There is a limitation on buyers closing costs
    • The loan is assumable, subject to VA approval of the assumer’s credit
    • 30 year fixed loan
    • Seller can pay up to 4% of the veterans closing costs and even pay down your debt to help lower your debt-to-income ratio
    • Interest rates are similar to FHA rates
    • You don’t need perfect credit

    Who is Eligible for a VA Home Loan?
    Veterans with active duty service, that was not dishonorable, during World War II and later periods, are eligible for VA loan benefits.

    • World War II (September 16, 1940 to July 25, 1947)
    • Korean conflict (June 27, 1950 to January 31, 1955)
    • Vietnam era (August 5, 1964 to May 7, 1975) veterans must have at least 90 days of service.
    • Veterans with service only during peacetime periods and active duty military personnel must have had more than 180 days of active service.
    • Veterans of enlisted service which began after September 7, 1980
    • Officers with service beginning after October 16, 1981, must in most cases have served at least 2 years.

    VA Documentation Needed:
    The three specific pieces of documentation a lender will need to determine your eligibility is a

    • DD214 for discharged veterans
    • A statement of service for active military personnel
    • A certificate of eligibility (COE) to determine you have VA entitlement

    Contact Me to find out if you meet the qualifying criteria such as minimum FICO/credit scores, debt-to-income (DTI) ratios, and find out what your county’s maximum loan amount is. I can help you attain your certificate of eligibility.
     
    Eligibility Requirements for VA Home Loans
    Service members and Veterans
    To obtain a Certificate of Eligibility, you must have been discharged under conditions other than dishonorable and meet the service requirements below:
    Note: If you do not meet the minimum service requirements, you may still be eligible if you were discharged due to (1) hardship, (2) the convenience of the government, (3) reduction-in-force, (4) certain medical conditions, or (5) a service-connected disability.