VA Loans

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VA Loans

A Veterans Affairs (VA) loan helps service members and veterans become homeowners. The VA loan program was designed to offer veterans and eligible surviving spouses a way to get long-term financing for a home when they might not be able to otherwise. It’s easier to qualify for a VA loan than it is for a traditional mortgage, and it can be a great option for the more than 22 million veterans and active members of the military. Find out how a VA loan can help you get into the home of your dreams.

What is a VA loan?

Prospective homeowners and homeowners who want to refinance an existing loan have many options from which to choose. Among them are VA loans.

VA loans, which the U.S. Department of Veterans Affairs (VA) guarantees, are available only to U.S. military service people, veterans, some surviving military spouses and others who have served their country in specific ways. The Department of Veterans Affairs (VA) does not lend money for VA loans, but does guarantee a portion of the loan made by private lenders such as banks and mortgage companies in case the borrower defaults on the mortgage. The VA essentially agrees to repay a portion of the loan to the bank if the borrower defaults or forecloses.

VA loans offer many benefits, including no down payment loan options, favorable interest rates, and more lenient credit and income requirements than conventional mortgages. Note that VA loans are for primary residences only.

Who is eligible for a VA loan?

The great news is that most members of the regular military, veterans, reservists and National Guard may be eligible to apply for a VA loan. Additionally, spouses of military members who died while on active duty or as the result of a service-connected disability may also apply. There are time constraints for application:

Active-duty military personnel qualify after approximately six months of service.

Reservists and members of the National Guard must wait six years to apply, but if you are called into active duty before that, you gain eligibility after 181 days of service.

You may also qualify if you:

Served 90 consecutive days of active service during wartime.

Served 181 days of active service during peacetime.

Have been an active member of the National Guard or Reserves for six years or more.

Are married to a service member who died in the line of duty or as the result of a service-related disability.

What are the benefits of VA loans?

No Down Payment - VA loans have no down payment requirement, so homebuyers can finance up to 100 percent of the purchase price of their home.

No Upper Loan Limit - As of January 1, 2020, veterans and military service members no longer need to abide by the VA loan limits. The VA no longer caps the size of a loan a veteran can get with no money down, however, loan approval is still determined by the lender issuing the mortgage.

No PMI Requirement - VA loans do not require private mortgage insurance. Federal Housing Administration (FHA) loans and conventional loans with less than 20 percent down require PMI, which can add up substantially over the life of the loan.

Lowest Mortgage Rates Available - VA loans have the lowest rates.

What are the benefits of VA loans?

No Down Payment - VA loans have no down payment requirement, so homebuyers can finance up to 100 percent of the purchase price of their home.

No Upper Loan Limit - As of January 1, 2020, veterans and military service members no longer need to abide by the VA loan limits. The VA no longer caps the size of a loan a veteran can get with no money down, however, loan approval is still determined by the lender issuing the mortgage.

No PMI Requirement - VA loans do not require private mortgage insurance. Federal Housing Administration (FHA) loans and conventional loans with less than 20 percent down require PMI, which can add up substantially over the life of the loan.

Lowest Mortgage Rates Available - VA loans have the lowest rates.

  • "Louis is the KING of Loans! "

    Louis is the KING of Loans! Came to our home, sat with us, took a full application, heard our goals and found the best loan product available. Has all his ducks in a row from start to finish. I would give him a 6th star if I could. He knows the industry and probably dreams about doing home loans in his sleep. Gave us our dream home so thats close enough! Thanks Lou!!!

    Steven | Wesley Chapel, FL