VA Loans

VA Loans

The United States Department of Veteran Affairs, VA, backs residential owner occupant home purchase mortgage loans through private mortgage lenders to members of the United States Armed Forces. Members of the United States Armed Services needs to meet the eligibility VA mortgage lending guidelines and have been awarded a Certificate of Eligibility in order to qualify for a VA Loan.

VA Certificate Of Eligibility

VA Loans offer 100% financing and Veterans who qualify for a VA Loan can purchase a home with no money down. To qualify for a VA Loan, the home buyer needs to have been honorably discharged from a division of the United States Armed Services and have a certificate of eligibility. To receive a certificate of eligibility from the United States Department of Veteran Affairs, the VA Loan borrower must have filed a VA Form 26-1880 for Determination of Eligibility and Available Loan Guaranty Entitlement.
First, a borrower must have a certificate of eligibility from the VA in order to obtain a loan. To receive this certificate, the borrower must file VA Form 26-1880, Request for Determination of Eligibility and Available Loan Guaranty Entitlement.

Spouses of Veterans and service members who have died while on duty in the service or have died because of a disability due to the result of serving in the armed services may also be eligible by the Department of Veteran Affairs.

VA Loan Mortgage Lending Guidelines

As with other government mortgage lending programs like FHA and USDA, there are mortgage lending guidelines with VA Loans with respect to minimum credit score requirements and debt to income ratio requirements. We are a no overlay VA mortgage lender and as long as you get an approve/eligible per the Automated Underwriting System, you will close on your VA Loan. We also offer manual underwrites on VA mortgage loans for those who cannot get an automated approval.  VA loan programs have one of the lowest mortgage rates than any other mortgage loan program.  Zero down payment and no mortgage insurance premium are two of the greatest benefits why veterans should take advantage of VA loans if they have a Certificate of Eligibility.

VA Loan Eligibility

U.S. President Franklin Delano Roosevelt has endorsed and signed the Servicemen Readjustment Act in 1944.  The Servicemen Readjustment Act is also known as the GI Bill of Rights.In 1944,  The GI Bill of Rights purpose was to provide help to United States veterans as well as their family members by promoting that the dream of home ownership can be a reality.  The way the veterans and their families can realize the reality of home ownership is through VA Loans, which are federally guaranteed home loans with no down payment required as long as the veteran meets the VA lending guidelines.

VA Loans

Mortgage loans that is guaranteed by the Veterans Administration are originated and funded by private mortgage lenders such as banks and mortgage companies that originate and fund owner occupant home loans.  VA mortgage loans are a great program for veterans who are serving in the U.S. Army,  U.S. Navy, U.S. Air Force, United States Marine Corps, and United States Coast Guard.  Each branch of service has their own eligibility benefits and is determined by the type of service, the longevity of service, and the character of the service.

Service Periods And  Eligibility

Eligibility for wartime periods  of services is listed below:

1. Vietnam era: Wartime period between 08/05/1964 through 05/07/1975

2. Persian Gulf, Afghanistan, and Iraq periods of service between 08/02/1990 to present

3. Veteran Administration eligibility requires that the candidate must complete 90 days or more on active duty service.

Eligibility for peacetime periods of services is listed below:

1. Period of peacetime services between 05/08.1975 to 08/01/1990

2. Veteran must have completed at least 181 days of continuous on active duty military service.

3. For military reserve members and members of the National Guard, they must have completed at least six years as members of the Selected Reserves.

4. Spouses of a prisoner of war or missing in action veteran is eligible as long as they have been a prisoner of war or missing in action for at least 90 days.