What is a VA Home Loan?
The VA Home Loan or Veterans Affairs Home Loan is a specific loan program to help veterans, active-duty service members and their families purchase a home. Authorized by the US Department of Veterans’ Affairs, this loan option allows military families to qualify for a VA loan with fewer restrictions and little-to-no money down.
Do I Qualify For a VA Home Loan?
While there are far less restrictions for qualifying for a VA Home Loan in comparison to other loan options, there still are a few stipulations. To decide if you will qualify for a VA Loan, ask yourself these three questions:
- Are you a current or ex military personnel, or a surviving spouse of one?
- Do you have no past record of loan defaults within the last 12 months?
- Have you not declared bankruptcy within the last two years?
If you answered “yes” to all three of these questions, chances are that you qualify for a VA Loan. Contact one of our home purchase experts at 1-800-710-9957 or apply online to get started.
Why Should I Get A VA Home Loan?
VA Home Loans are fully backed by the government, and offer a variety of advantages for your home purchase or mortgage refinance. Here are some advantages of VA Loans:
- No Money Down
With a VA Loan, you don’t have to include a down payment if you can’t afford to, unlike conventional loans which typically require at least 10-20% down.
- No Private Mortgage Insurance (PMI)
Typically, private mortgage insurance (or PMI) normally adds 0.2-0.9% of expenses to your monthly mortgage payments when you put less than 20% down. With a VA loan, you’re not required to have PMI, saving you more money on your home loan.
- Fewer Restrictions
As we mentioned above, a VA Home Loan comes with fewer restrictions, making it easier for you to qualify for one. With a VA Loan, you’re allowed a higher debt-to-income ratio and have more leniency with your credit score.
- Easy Refinance
Due to the VA Streamline Refinance Loan Program, you are able to refinance your VA Home Loan to a lower rate with less funding fees than a regular refinance.
How Do I Prove to that I’m Eligible?
You’ll need a Certificate of Eligibility before you can get a VA Loan.
Locate your DD-214 (or NGB22/23 – or your statement of service if still active duty) and give us a call.
We can help you!
More Information about a VA Home Loan
Mortgage Masters Group
VA Home Loan FAQs
US Department of Veterans Affairs – VA.gov
VA Home Loans