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VA Loan

 

 
 
What Is VA Mortgage Financing?
 
 
For those honorable countrymen and women who have served in the U.S. military, there is an opportunity to refinance or purchase a home using a designated VA home mortgage loan. This special class of mortgage provides veterans with access to a federally-guaranteed home loan with no down payment and fewer restrictions found in conventional lending. In a sense, it’s the least the government can do for those who have put forth the effort and honor of serving the United States.
 
 
 
The History of the VA Loan
 
 
The VA loan was initially introduced to the marketplace in 1944 through the GI Bill of Rights, through a select piece of legislation known as the Servicemen’s Readjustment Act. Signed into law by FDR, this key piece of legislation provided veterans with the opportunity to obtain affordable housing for their families throughout the United States.
 
 
These loans, today, are funded by the U.S. Office of Veterans Affairs and are offered through intermediary entities, such as private and public.
 
 
 
Details On How The VA Loan Works
 
 
Those who are interested in utilizing a VA loan must first verify that they are eligible. Whether it’s purchase mortgage loan or a refinance loan, the borrower should ensure he or she is qualified through VA eligibility. Once eligibility is verified, a VA borrower can rest assured that he or she will get very good terms and cost structure on the loan, specifically since the VA insures 25% of the loan. This in turn gives the lender comfort in the lending process.
 
 
Down payment requirements for VA loans are zero. This means a borrower can purchase a home without funds required for a traditional down payment. The one caveat is that the borrower must use the loan for his or her personal home. So occupancy will be verified to make certain the property is not an investment property or a second/vacation home.
 
 
 
Eligibility Requirements
 
Currently, there are roughly 30 million veterans who may be eligible for VA home mortgage financing. To fit the bill, a borrower must meet the following requirements:
 
 
1.     Must have served on active duty for the United States military (any branch or category)
 
 
2.      Served at least two years of active duty if  he or she enlisted and began service after September 7, 1980, or was an officer and began service after October 16, 1981
 
 
3.     Served at least six years if a part of the National Guard.
 
 
4.     Surviving spouses are also eligible for a VA loan, but must prove that they are indeed the surviving spouse of a veteran who died in service or as a result of service.
 
 
5.     Must have a Certificate of Eligibility and a DD214
 
 
6.     Must have a valid Social Security number
 
 
7.     Property address, bank information, salary information, in addition to asset information
 
 
8.     A discharge other than dishonorable after a minimum of 90 days of service during wartime or a minimum of 181 continuous days during peacetime
 
 
 
Please contact us today to discuss the benefits of a VA mortgage.

 

 

 

 

 

 

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