VA HOME LOANS

A VA home loan is a mortgage loan provided by private lenders but guaranteed by the U.S. Department of Veterans Affairs (VA). This program was created to help veterans, active-duty service members, and eligible surviving spouses become homeowners. With its numerous benefits, a VA home loan can make the dream of homeownership more accessible for those who have served our country.

• No Down Payment Required
  • One of the most significant advantages of a VA home loan is the ability to purchase a home without a down payment. This feature makes homeownership more attainable for many veterans and their families.
• Competitive Interest Rates
  • VA loans typically offer lower interest rates compared to conventional loans. This can result in substantial savings over the life of the loan.
• No Private Mortgage Insurance (PMI)
  • Unlike conventional loans that often require PMI if the down payment is less than 20%, VA loans do not require this additional cost. This can save borrowers hundreds of dollars annually.
• Flexible Credit Requirements
  • VA home loans are designed to accommodate veterans with varying credit histories. While lenders will still assess your creditworthiness, the requirements are generally more lenient compared to conventional loans.
• Limitations on Closing Costs
  • The VA imposes limits on the amount borrowers can be charged for closing costs. Additionally, some closing costs may be paid by the seller, reducing the out-of-pocket expenses for the buyer.
• Assumable Loan Options
  • VA loans are assumable, meaning if you sell your home, the buyer can take over your VA loan under certain conditions. This can be a significant selling point if interest rates have risen since you originally secured your loan.

To qualify for a VA home loan, you must meet at least one of the following criteria:

• Service Requirements: You must have served 90 consecutive days of active service during wartime, 181 days of active service during peacetime, or more than six years in the National Guard or Reserves.
• Surviving Spouse: You are an eligible surviving spouse of a service member who died in the line of duty or as a result of a service-related disability.
• Certificate of Eligibility (COE): Obtain a COE to verify your eligibility. This can be done through your lender or directly through the VA.

VA home loans offer a range of benefits that make homeownership more accessible for veterans, active-duty service members, and eligible surviving spouses. With no down payment, competitive interest rates, and no PMI, a VA home loan can be an excellent option for those who have served our country. If you meet the eligibility requirements, consider taking advantage of this valuable program to achieve your homeownership dreams.  For more information or to start your VA home loan application, contact us today. We are here to guide you through every step of the process!