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VA Resource2021-09-22T09:54:25-04:00

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.

Who can qualify for a VA Loan?

Navy

Army

Air Force

Marines

Coast Guard

National Guard

Public Health Officers

Surviving Spouses

Length of service longer than 90 to 180 days

VA Entitlement

Among the endless counts of financial misconceptions, the most commonly confused subject matters is 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 loans 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, allows for 2nd VA loan. Entitlement can be restored once mortgage is paid off, and used over and over again.

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Benefits of a VA Loan

VA loans are designed with veterans and active duty military in mind, and there are many benefits to choosing one for your new home.

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.

Easy to Qualify

Because of the more flexible guidelines regarding income, credit, and documentation, VA loans incredibly accessible for veterans and active duty military.

Most active-duty members qualify after around 6 months of service, and some may qualify 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, 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 loans do not require mortgage insurance which makes VA loans incredibly affordable over time.

VA Loans Are Assumable

VA loans are assumable, which means that the loan can be transferred to the next homebuyer should they qualify. This adds 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 must 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.

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