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VA Loans: Honoring Your Service with Pathways to Homeownership!

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Complete our easy VA Qualifier.

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Compare rates and terms to find the perfect fit for you.

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What Is A VA Loan?

A VA loan is a mortgage program offered to eligible veterans, active-duty service members, and surviving spouses, backed by the U.S. Department of Veterans Affairs (VA).

VA loans provide qualified borrowers with favorable terms, including no down payment requirement, competitive interest rates, and limited closing costs.

Designed to support veterans and their families in achieving homeownership, VA loans offer unique benefits and financial assistance that sets them apart from traditional mortgages.

How Does A VA Loan Work?

VA loans work similarly to conventional mortgages, with the key distinction being the VA’s guaranty, which provides lenders with a level of protection against borrower default.

Eligible borrowers apply for a VA loan through approved lenders, who evaluate their creditworthiness and determine loan eligibility.

VA loans offer unique benefits such as no down payment requirement, which allows qualified borrowers to finance 100% of the home’s purchase price, making homeownership more accessible for veterans and their families.

What Makes A VA Loan Appealing?

No down payment requirement: VA loans offer eligible borrowers the opportunity to purchase a home with no down payment, reducing the upfront costs of homeownership.

Competitive interest rates: VA loans typically offer lower interest rates compared to conventional mortgages, resulting in potential long-term savings for borrowers.

Limited closing costs: VA loans limit certain closing costs that are typically associated with traditional mortgages, making them more affordable for qualified veterans and active-duty service members.

Who Qualifies For A VA Loan?

Eligible veterans: Individuals who have served in the U.S. military, including veterans of the Army, Navy, Air Force, Marine Corps, and Coast Guard, may qualify for a VA loan.

Active-duty service members: Current members of the armed forces who meet certain service requirements may also be eligible for VA loan benefits.

Surviving spouses: Spouses of service members who died in the line of duty or as a result of a service-related disability may qualify for VA loan benefits.

What Are The Eligibility Requirements For A VA Loan?

Minimum service requirements: Veterans and active-duty service members must meet specific length-of-service requirements to qualify for a VA loan.

Certificate of Eligibility (COE): Borrowers must obtain a COE from the VA, which verifies their eligibility for the loan program.

Credit and income requirements: While VA loans generally have more lenient credit score requirements, borrowers must still demonstrate sufficient income and creditworthiness to qualify for financing.

What Types Of Fees Are Required For VA Loans?

Funding fee: VA loans require a funding fee, which helps offset the costs of the VA loan program and ensures its continued availability to eligible borrowers.

Closing costs: While VA loans limit certain closing costs, borrowers are still responsible for certain fees associated with the loan, such as appraisal and title fees.

Origination fees: Lenders may charge origination fees for processing and underwriting the VA loan, although these fees are typically capped by the VA.

What Types Of VA Loans are Available?

Purchase loans: VA purchase loans allow eligible borrowers to finance the purchase of a primary residence with no down payment requirement.

Cash-out refinance loans: VA cash-out refinance loans enable homeowners to access their home equity by refinancing their existing mortgage into a new VA loan.

Interest Rate Reduction Refinance Loans (IRRRL): Also known as VA streamline refinances, IRRRLs allow borrowers to refinance their existing VA loan to obtain a lower interest rate and monthly payment.

What Are The Pros And Cons Of A VA Loan?

PROS

  • No down payment requirement, making homeownership more accessible for eligible veterans and active-duty service members.
  • Competitive interest rates and limited closing costs, resulting in potential long-term savings for borrowers.
  • No private mortgage insurance (PMI) requirement, reducing the overall cost of the loan for qualified borrowers.

CONS

  • Funding fee: VA loans require a funding fee, which can increase the upfront cost of the loan for borrowers.
  • Property eligibility: VA loans have certain property eligibility requirements, limiting the types of properties that can be financed with a VA loan.
  • Certificate of Eligibility (COE) requirement: Borrowers must obtain a COE from the VA, which may require additional documentation and processing time.

How Do I Know If A VA Loan Is Right For Me?

Consider your military service: If you are a veteran or active-duty service member, a VA loan may offer unique benefits and financial assistance that make homeownership more attainable.

Evaluate your financial goals: If you prefer to purchase a home with no down payment or seek competitive interest rates

How do you qualify for an FHA Loan?

Eligible Service Status: You must be an active-duty service member, a veteran, a reservist, or a National Guard member to qualify for a VA loan. Certain surviving spouses of service members who died on active duty or as a result of a service-related disability may also be eligible.

Length of Service: Veterans and active-duty service members must meet specific length-of-service requirements, which vary depending on when and where you served. Typically, you need to have served for a minimum period without dishonorable discharge.

Obtain Certificate of Eligibility (COE): You must obtain a Certificate of Eligibility (COE) from the VA, which verifies your eligibility for the loan program. You can apply for a COE through the VA directly or work with your lender to obtain it.

 

Credit and Income Requirements: While VA loans generally have more lenient credit score requirements compared to conventional loans, lenders still evaluate your credit history. You’ll need to demonstrate stable income and employment to ensure you can afford the mortgage payments.

Debt-to-Income Ratio: Lenders typically look at your debt-to-income ratio, which is your total monthly debt payments divided by your gross monthly income. While there’s no strict cutoff, a lower debt-to-income ratio improves your chances of qualifying for a VA loan.

Property Eligibility: The property you intend to purchase with a VA loan must meet certain requirements. It must be your primary residence, and it must meet VA appraisal standards to ensure it’s safe, sanitary, and structurally sound.

 

Disclaimer: The content on this page is based on regulations and information available at the time of posting, but may change without our knowledge. This content is intended for informational purposes only and does not constitute any legal or binding agreement. 

Get Your FREE VA Loan Quote!

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Complete our easy VA Loan Qualifier.

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Explore personalized options tailored to your unique situation.

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Buying our first home was a very scary process, but Heather definitely eased out stresses and answered any of my questions in a very timely manner. I am very grateful for her patience when I was asking what felt like a million questions and guiding me and my spouse through this process. 

Sarahbeth N E

Owensboro, KY

Working with Bri was seamless! She took care of my clients and never left me in the dark knowing what was next. Bri was and continues to be an asset to my transactions. Highly recommend! She’ll always be my top referred lender.

Kimberly Kielor

Clarksville, TN

Bri has been nothing short of amazing! She made purchasing a home during this crazy economy so easy and stress free. She has been such a blessing to both my husband and I. I would recommend her 100 times over!

Kristen Dickerson