Trusted Veteran Home Loan Lenders
Veteran Owned, Veteran Operated, Veteran Focused.
A VA Loan is a home loan that is guaranteed to Veterans by the United States Department of Veteran Affairs. We’re here to serve you and make the VA home loan process a whole lot easier, with our tools and expertise that will help guide you along the way.
- Expert guidance through the VA loan process.
- Tailored solutions for veterans’ unique needs.
- Simplified, fast approval for qualified veterans.
- Dedicated support from a veteran-owned team.
What Is a VA Loan?
A VA loan is a home loan that is guaranteed to veterans by the United States Department of Veteran Affairs. We’re a veteran mortgage company, here to serve you and make the VA home loan process a whole lot easier with our tools and expertise that will help guide you along the way.
Who Is Eligible for a VA Loan?
For obtaining a VA home loan, a Certificate of Eligibility (COE) is super important. Generally speaking, the eligibility for a VA Loan depends on meeting any of the following minimum eligibility requirements:
To qualify, active duty service members need to have served at least 90 consecutive days in the military. This shows your commitment to serving the country and makes you eligible for the benefits that come with a VA loan, including no down payment, competitive interest rates, and no private mortgage insurance (PMI).
This depends on when you served. If you served between the Gulf War to present date, you meet the minimum requirements if you have served: at least 24 consecutive months, or at least 90 consecutive days during which you were called to duty, or at least 90 consecutive days if you were discharged for hardship or reduction in force, or less than 90 consecutive days if discharged for disability.
If you served between the Gulf War to the present date, you must meet the minimum requirement of serving at least 90 consecutive days of active duty service. For all other time periods and their minimum requirements, please visit the official VA website.
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Benefits of a VA Home Loan
VA loans are designed with veterans and active duty military in mind, and there are many VA loan benefits for your latest home-buying endeavor.
Guaranteed by the Government
As part of a program to help our veterans become homeowners, the Department of Veteran Affairs stands behind VA loans and guarantees that a portion of the loan will be repaid to the lender should you be unable to make your mortgage payments.
Because of this, lenders are willing to provide loans with incredibly attractive terms for those who qualify.
Easier to Qualify
Because of the more flexible guidelines regarding income, credit, and documentation, VA loans are accessible for veterans and active duty military.
Most active-duty members may be eligible after around 6 months of service, and eligibility may come for some in as little as 90 days during war periods. Even spouses of military members who passed away during their service may also apply.
No Down Payment
Most loans require at least a small down payment to buy a home, however, VA loans are an exception to this rule. VA loans allow for 100 percent financing of the home’s purchase price for qualified and eligible veterans, which means no down payment is required.
No Private Mortgage Insurance
Mortgage insurance is typical for buyers who put less than 20% down on their home. This protects the lender should the buyer default on their loan for any given reason.
However, VA loan programs do not require mortgage insurance, which may make VA loans more affordable over time.
VA Loans Are Assumable
VA loans are assumable, which means that the loan may be transferred to the next homebuyer should they qualify and is approved by the current servicer (other stipulations may apply). This may add significant value to a home, especially in a rising-rate market.
Lower Closing Costs
The VA places limits on what veterans can be charged for closing costs. Because of this, some costs may be covered by other parties in the transaction. In fact, the seller may even cover some of the closing costs as part of the negotiation process.
VA Entitlement
Among the endless counts of financial misconceptions, the most commonly confused subject matters are what can and cannot be done with a VA loan entitlement and how frequently it can be used. Did you know a borrower can have more than 1 VA loan? For loan amounts exceeding the $144,000 basic limit, an additional guarantee up to $77,275 is allowed as a bonus entitlement. It can be used all at once or, in some cases, allow for a 2nd VA loan. Entitlement can be restored once the VA mortgage is paid off and used over and over again.
Contact a Mortgage Expert:
Book a consultation to chat with one of our Mortgage Loan Originators about your individual mortgage needs and qualifications.
Frequently Asked Questions
Yes! If you’re the surviving spouse of a service member who died in the line of duty or as a result of a service-connected disability, you may be eligible for a VA loan. We can help guide you through the process to make sure you get the benefits you’re entitled to.
The COE is a key document to get started with your VA loan application. You can apply for it through the VA’s eBenefits portal or ask Morgan Financial to help you secure it. It’s a simple process, and we’ll guide you through every step.
You can still use your VA loan entitlement more than once. If you’ve paid off your previous VA loan, your entitlement can be restored and used again. For additional loans or loans exceeding the basic limit, you may qualify for a bonus entitlement.
VA loan rates are typically lower than conventional loan monthly payment rates, making them a more affordable option for veterans. Since VA loans are backed by the government, lenders often offer better terms, especially for veterans with less-than-perfect credit.
Yes, VA loans are primarily intended for primary residences. This means you cannot use a VA loan to purchase investment properties or vacation homes. However, the property must meet certain minimum property requirements to ensure it’s safe and livable.
If you miss payments, the VA will step in to help with foreclosure avoidance. However, failing to repay your VA loan could result in losing your home. It’s important to communicate with your lender if you’re struggling, as there are often options available to assist you before it reaches that point.
Reach Out to Our Dedicated Veteran Home Loan Lenders
Looking for a VA lender near you? Come to Morgan Financial. You’re not just another borrower to us — you’re a hero, and we’re honored to help you achieve the dream of homeownership. Whether you’re buying your first home, refinancing, or exploring your VA loan benefits, our team of veteran home loan experts is here to guide you every step of the way.
Call us today, start your application online, or schedule a free consultation — and let’s make your path to homeownership simple, secure, and stress-free.
- 1441 N Harbor City Blvd. Melbourne, FL 32935
- 321-265-4000
- 321-757-9730