What is a VA loan

A VA loan is a mortgage loan which is guaranteed by the U.S. Department of Veterans Affairs (VA). Because a down payment is not required, it often makes VA loans more appealing.

The purpose of the loan is to offer long-term financing to veterans or their surviving spouses. As a veteran, VA loans can be used to make it easier to own a home without being burdened by excessive loan repayment obligations.

Click here to find out if you’re eligible for a VA loan

How Do VA Loans Work?

VA loans are one of the few mortgage offers for veterans who do not have enough money to afford the down payment required for a traditional home loan. Many favorable terms are available with a VA home loan since the government guarantees a portion of the loan.

There is no minimum credit score requirement, and mortgage insurance isn’t necessary. If you receive disability compensation, required fees are typically waived. The VA is not a direct lender. A private lender makes the loan.

Who Is Eligible for a VA Mortgage Loan?

Veterans and active military members are eligible for this type of mortgage assistance. This includes veterans from all branches of the armed services, including the National Guard. Reservists are also eligible.

Spouses of veterans who died while on active duty or from a service-related disability are welcome to apply. Active duty service members qualify after completing at least six months of service.

Note: National Guard members and reservists must wait six years to apply unless called to active duty, at which point eligibility applies after 181 days of service.

Check Your VA Loan Eligibility, Click Here.

Quick, Convenient VA Loan Survey

Find out if you qualify for a VA loan by taking this VA loan survey. It’s a short survey that only takes about a minute to complete.

The Veterans Accountability Act may provide veterans with additional mortgage assistance. 

We wish you success with your homeownership goals. Thank you for your service.