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About VA Home Loans
VA home loans are designed specifically to
help veterans finance property and are guaranteed by the Department
of Veterans Affairs. Despite what many veterans may hear,
VA home loans are typically not more difficult to obtain
nor are there more hurdles than with conventional loans. VA
home mortgage programs do have some very specific requirements
which a qualified mortgage professional can help guide you
through. There are many benefits to VA home loans and a seasoned
loan advisor should be able to help you find a great deal
and will walk you through the process from application to
funding.
Benefits and some of VA Home Mortgage Guidelines:
*Please note that terms and conditions change periodically.
We recommend checking the Veteran Administration's web site
for the most up-to-date program information. Programs can
and do vary by lender.
- $700,000 standard VA home loan limit (exceptions
maybe made for VA home mortgages between $700,001 - $1,500,000).
- No money down
VA home loan options.
- Gift funds may be used for closing costs
& seller contributions are allowable.
- The majority of VA home loans are assumable
to qualified buyers making selling homes in the future attractive
to buyers.
- Minimal and less than perfect credit may
exist for certain VA home loans.
- No mortgage insurance on VA home mortgage
loans.
- Security of 15 & 30 year fixed rate mortgages.
- No penalties for paying off a VA home mortgage
loan early.
- VA home loan funding fee may be financed
into the loan amount.
Who is Eligible for a VA Home Loan?
- Active duty personnel or veterans with
previous qualifying experience.
- Members of the National Guard, Coast Guard,
and qualified reservists.
- VA home loans may also be available for
honorably discharged personnel, public health service officers,
and cadets & midshipmen in the Army, Navy, and Coast Guard
academy.
- Also, unmarried surviving spouses of veterans
who died in service or who are missing in action as a result
of service related activity may qualify for a VA home mortgage.
- VA home loans may also be obtained by current
US citizens who served with our allies during World War
II
A VA home mortgage requires a Certificate
of Eligibility from the Department of Veterans affairs. Most
CoEs can be pulled online within minutes.
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