The VA Loan is a home-mortgage option available to United States Veterans, Service Members and not remarried spouses. VA Loans are issued by qualified lenders and guaranteed by the U.S. Department of Veterans Affairs (VA).
Affordability is one of the biggest hurdles for modern home buyers. With a VA loan, affordability can be much easier.
The VA home loan allows for 100% financing, meaning home buyers don’t need to make a down payment. This is possible through the VA’s guarantee of the program.
But just because VA loans don’t require financing doesn’t mean home buyers can’t make a down payment. Most VA home buyers will make a down payment to lower their monthly payments. With VA loan financing, there’s plenty of flexibility.
VA Loan Eligibility Requirements
To be eligible for a VA Loan, veterans, active duty service members, National Guard members and reservists must meet the basic service requirements set forth by the Department of Veterans Affairs. Spouses of military members who died while on active duty or as a result of a service-connected disability may also be eligible.
It’s ultimately up to the VA to determine eligibility for the home loan program, but prospective borrowers can get a good idea by looking at the VA’s basic eligibility guidelines.
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, OR
You have served 181 days of active service during peacetime, OR
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.
No mortgage insurance
Conventional and FHA loans require mortgage insurance if a downp ayment of less than 20 percent is made on the loan. But the VA loan, which is guaranteed, doesn’t require any type of mortgage insurance, even with 100% financing. This further reduces monthly payments, making it easier to afford a home.
How to Apply for a VA Loan
The VA loan process typically can take less 30 once you’re under contract on a home, although every buyer’s situation is different. There is no reason to wait to find a home to start the application process.
To start the process simply go to the top of the page and request a VA Loan Officer to contact you.