VA Loans, What are they?

A VA loan (Veterans affair loan) is guaranteed by the United States Department of Veterans Affairs and was put into place to provide long-term financial help to American veterans and their spouses. The loans are funded by lenders who take part in the program. The money can be lend through different types of banks including regional and national banks as well as mortgage banks and brokers. There are many advantages when it comes to VA loans. One of which is that there is no down payment for VA loans and you can get up to 100% financing. There is also no minimum credit score required.

How do you Qualify for a VA Loan?

To qualify for a VA loan, you have to currently be in a branch of the military or National Guard or a veteran or reservists. If you are a spouse of a diseased military member, you can apply as well as long as you are not remarried. If you are currently serving, you have to have 6 months of service to qualify. If you are a member of the National Guard or Reservists, you can apply after 6 years. Other than these qualifications, you must have decent credit, adequate income, and a Certificate of Eligibility. You must also be using the home for yourself.

Benefits of VA Loans

Mortgage insurance is not required for a VA loan but there is a one-time funding fee. Help is also available if you are struggling to pay. Negotiations are available for anyone that needs extra help. Closing cost are equivalent or lower than other financing programs. VA loans have been helping get veterans in homes that they can afford for many years now. Their 100% guarantee makes financing a home easier.

How to get a VA Loan

Figure out if you are eligible for the loan by looking at one of the many checklists online. We recommend the list on the U.S. Department of Veterans Affairs page, which will be your most accurate. Once you are eligible, find a lender in your area who is certified and has handled VA loans before. Once you find a lender, get your Certificate of Eligibility and then finally, apply for a loan. You will also be able to work closely with your VA loan lender to make sure the process is as smooth as possible!