VA Financing Questions
Under the Veteran Administration (VA) veterans and their spouses can take advantage of exclusive veteran home loan benefits. These benefits may include financing of up to 100% of the property’s value, lower interest rates, no mortgage insurance requirement, and lower closing costs than with conventional mortgages. VA Loan programs are for veterans, reservists, and active-duty service members.
If you are or have ever been a member of the United States Military, you may qualify for VA loan benefits.
Contact our office today to discuss your home funding options.
VA Loan Rising Popularity
The VA Loan program is the most powerful home loan program on the market for veterans and military families. These flexible, government-backed loans come with significant benefits that open the doors of homeowner ship to veterans who might otherwise struggle to obtain financing.
The increasing popularity has stemmed from the loan program’s signature benefits, which include:
- No Down Payment
- No Private Mortgage Insurance
- Competitive Interest Rates
- No Pre-Payment Penalty
Am I Eligible for a VA Home Loan?
Through dedicated service to our country, military service members and veterans qualify for a range of benefits earned through their service. Chief among those benefits is an opportunity to take part in the VA Loan program.
While the VA Loan is designed specifically for those who served, there are a handful of requirements. In order to qualify for a VA Loan there are specific service conditions each borrower must meet.
You may be eligible for a VA Home Loan if you meet one or more of the following conditions:
- You have served 90 consecutive days of service during wartime OR
- You have served 181 days of services during peacetime OR
- You have more than 6 years of service in the National Guard or Reserves OR
- You are the spouse of a service member who died in the line of the duty or as a result of a service-related disability
Obtaining your Certificate of Eligibility
All recipients of a VA Loan must first obtain a Certificate of Eligibility (COE), a formal document that explains what VA entitlement you possess, through the Department of Veterans Affairs. Not to worry, however, your Veterans United Loan Specialist can help you secure your COE, usually within a matter of minutes. You do not need your Certificate of Eligibility in hand to start the loan process with Veterans United.
VA Loan applicants may also obtain their Certificate of Eligibility themselves by filling out a Certificate of Eligibility Request Form (VA Form 261880). The form can be downloaded through the Veterans Administrations site and mailed directly to the VA.
Additional Eligibility Requirements
Although the VA determines the guidelines for those who are eligible for the VA Loan benefit, private lenders who finance the home purchases have an additional set of criteria a potential borrower must satisfy, including debt, income and credit requirements.