A VA Loan is a federally guaranteed home mortgage loan, issued by private lenders, for returning U.S. service members. The program offers veterans and their families flexible home financing, providing benefits such as $0 money down and competitive interest rates.
Veterans who have served 90 consecutive days during wartime or 181 days during peacetime
A service member who has more than 6 years of service with the National Guard or Reserves
The spouse of a service member who passed away in the line of duty or from a service-related injury or disability
No down payment
No Private Mortgage Insurance (PMI)
Low interest rates
No pre-payment penalty
VA Loan limits vary per state and country. VA Loans typically allow eligible buyers to purchase a home worth up to $417,000 with no money down. The VA places limits on closing costs and usually allows sellers to cover many or all of these costs.
VA Loans have a Funding Fee paid to the VA to allow future returning service members to buy a home with the services of the program. These can be combined with the overall loan amount.
While waiting to be approved for a VA Loan or home, avoid taking on new debt, job changes, if possible; changing banks, moving or spending large sums of money, missing other payments and maxing out a credit card or other debt.
Pre-qualifying: allows you and your lender to see what type of loan you can afford and what the next steps need to be.
Pre-Approval: Obtaining pre-approval involves paperwork to be filled out and paperwork to be documented.
Finding and working with a real estate agent.
Making an offer: Before you make an offer on a home, make sure your real estate agent knows you are using a VA Loan and what that entails.
Closing the home: The VA insists that homes are move-in ready and any issues at the property are fixed before you can close.
A qualified VA home loan lender can help you figure out the process and what you need to be prepared for to obtain a VA loan.BACK TO LIST