VA Loans (Veterans Affairs)
VA loans are not only for first time home buyers. Loans are issued to eligible Veterans, Reservists, National Guard members and qualified surviving spouses to help obtain, a home and/or to refinance their home loan. One of the many benefits to using a VA loan is it’s truly a zero down payment required program!
Benefits – VA Loans
- Banks do not require you to buy private mortgage insurance since VA Loans are backed by the government.
- The VA gives lenders are more flexible, which usually means more competitive rates than non-VA loans.
- Banks assume less risk and have more simple qualification standards for VA Loans which make them easier to obtain.
- Home purchase price can be up to $424,100 without putting any money down; however, with the 2017 VA Loan Limits, borrowers in high-cost counties may be able to purchase homes far exceeding that amount without a down payment.
- Home-buyers are not required to reach any kind of income threshold to use their home loan benefits
Requirements – VA Loans
- You may be eligible for a VA Home Loan if you meet one or more of the following conditions: You have served 90 consecutive days of active service during wartime, you have served 181 days of active service during peacetime, you have more than 6 years of service in the National Guard or Reserves, or you are the spouse of a service member who has died in the line of duty or as a result of a service-related disability.
- You have obtained your Certificate of Eligibility (COE)
- Borrowers are expected to have stable, reliable income that will cover monthly expenses – including their new mortgage payment – but no minimum income required.
- Lenders who finance your home purchase may have additional criteria for a potential borrower to satisfy, including debt, income and credit requirements.
- You will need to pay a funding fee for the loan that is typically 2.15% of the purchase price of the home. For subsequent use of your VA Loan benefit, the fee is 3.3% – this fee can be rolled into your loan amount.
- Veterans must not have been discharged under dishonorable conditions.
Get Started! Complete the form below to see if you qualify for this program.