VA Home Loans

VA Mortgage Loans

If you are a veteran, active military member, or a spouse of a deceased veteran, you may be eligible to purchase a home or refinance with a VA loan. This loan program comes with many benefits over a conventional mortgage, and it’s designed to help those who have served our country achieve homeownership. The most attractive benefit of the VA loan is the ability to purchase a home with no money down.

A VA loan is a mortgage issued by private lenders and backed by the U.S. Department of Veterans Affairs. Introduced as part of the GI Bill in 1944, VA loans have become very popular due to their less stringent qualification standards.

A VA loan can be used to purchase a home, build a new house, make home improvements, or refinance your current mortgage. A VA loan is preferred for active, non-active, Reserve, National Guard, and retired military of the armed forces because there is no down payment needed and no private monthly mortgage insurance required.

Why Choose a VA Loan?

VA loans are one of the best options available for veterans to buy a home or refinance their current VA mortgage. This program allows you to purchase a home with no down payment and 100% financing. Also, monthly mortgage insurance is not required, making a VA loan even more affordable. If a veteran currently has a VA loan, they can take advantage of a reduced documentation refinance by using the streamline program to lower their monthly mortgage payments.

What Are the Benefits of VA Loans?

  • No down payment
  • No mortgage insurance
  • Credit scores down to 600
  • No prepayment penalty ever
  • Up to 50% debt-to-income ratio
  • A VA loan may also be assumable
  • Allows for 4% seller paid closing costs

 

What Are the Waiting Periods After a Hardship?

  • 2 Years from Foreclosure or Short Sale
  • 2 Years from Discharge of Chapter 7 Bankruptcy
  • 1 Year from Discharge of Chapter 13 Bankruptcy

Who is Eligible for a VA Home Loan?

Wartime Veterans Who Were Not Dishonorably Discharged and Served At Least 90 Days:
  • World War II – September 16, 1940 to July 25, 1947
  • Korean Conflict – June 27, 1950 to January 31, 1955
  • Vietnam Era – August 5, 1964 to May 7, 1975
  • Persian Gulf War – Check with VA regional office for specific eligibility
  • Afghanistan and Iraq – Check the VA’s Website for eligibility guidelines for current service in Afghanistan and Iraq
Reserves and National Guard
  • World War II – September 16, 1940 to July 25, 1947
  • Korean Conflict – June 27, 1950 to January 31, 1955
  • Vietnam Era – August 5, 1964 to May 7, 1975
  • Persian Gulf War – Check with VA regional office for specific eligibility
  • Afghanistan and Iraq – Check the VA’s Website for eligibility guidelines for current service in Afghanistan and Iraq
Peacetime Service
  • World War II – September 16, 1940 to July 25, 1947
  • Korean Conflict – June 27, 1950 to January 31, 1955
  • Vietnam Era – August 5, 1964 to May 7, 1975
  • Persian Gulf War – Check with VA regional office for specific eligibility
  • Afghanistan and Iraq – Check the VA’s Website for eligibility guidelines for current service in Afghanistan and Iraq
Other Types of Service That May Make Your Eligible For a VA Loan
  • World War II – September 16, 1940 to July 25, 1947
  • Korean Conflict – June 27, 1950 to January 31, 1955
  • Vietnam Era – August 5, 1964 to May 7, 1975
  • Persian Gulf War – Check with VA regional office for specific eligibility
  • Afghanistan and Iraq – Check the VA’s Website for eligibility guidelines for current service in Afghanistan and Iraq