VA Home Loan

VA loans are made by private lenders like banks, savings & loans, and mortgage companies to eligible Veterans for homes to live in.

The VA Loan provides veterans with a federally guaranteed home loan that requires no down payment. This program was designed to provide housing and assistance for veterans and their families.

The Veterans Administration provides insurance to lenders in the case that you default on a loan. Because the mortgage is guaranteed, lenders will offer a lower interest rate and terms than a conventional home loan. VA home loans are available in all 50 states. A VA loan may also have reduced closing costs and no prepayment penalties.

Additionally, there are services that may be offered to veterans in danger of defaulting on their loans. VA home loans are available to military personal that have either served 181 days during peacetime, 90 days during war, or a spouse of a serviceman who is either killed or missing in action. 

Benefits of a VA Home Loan

  • 100% Financing & No Down Payment Loans
  • No Private Mortgage (PMI)
  • No Penalties for Prepaying the Loan
  • Competitive Interest Rates
  • Qualification is Easier than a Conventional Loan
  • Sellers Pay Some of the Closing Costs
  • Can be combined with additional down payment assistance to reduce closing costs

Requirements for a VA Home LoanI'm a new paragraph block.

  • Prove sufficient military service to obtain a Certificate of Eligibility (COE)
  • Active Duty: 90 continuous days during wartime or 181 continuous days during peacetime.
  • National Guard & Reserves: 6 years of service, or at least 90 days of active-duty service.
  • Surviving Spouses: non-remarried surviving spouses of a service member who died in the line of duty or from a service-connected disability may also qualify.
  • Credit Score: Most lenders require a minimum credit score of 620.
  • Primary Residence: The home must be your primary residence, and you must generally move in within 60 days of closing.
  • Purchase a property that passes a VA appraisal.