VA Loans

VA Loans

VA loans are mortgages backed by the US Department of Veteran Affairs. They offer mortgages to veterans, eligible service members, and surviving spouses with good benefits like; Zero down payment, no private mortgage insurance (PMI), and low interest rates. Private banks and mortgage lenders, not the VA, guarantees a portion of the loan.

Call us and find out if you are VA Loan Eligible, we can make the process easy and see if there are any exemptions that can be used for your loan. We love our Service Members and Veterans and will take the utmost care to walk you through the process and get the home you want and need!

Preapproval

• Requirements for a VA Loan
• Certificate of Eligibilty (COE)
• Verified income and debts you owe
• You must live in the home you buy
• Credit rate approval, usually 620 +
• Consecutive days during wartime and/or peacetime
• National Guard or Reserve member
• One time funding fee

Can you be exempt from the VA funding fee? If you use a VA home loan to buy, build, improve, or repair a home or to refinance a mortgage, you may have to pay the VA funding fee unless you meet certain requirements.

• If you receive compensation for a service-connected disability.
• Dependency and Indemnity Compensation (DIC) as the surviving spouse of a Veteran.
• Active-duty member of the Armed Forces and provide evidence that you received a Purple Heart.
• If you are eligible for VA compensation due to a service-connected disability, however you receive retirement or active-duty pay.
• You received a proposed, or memorandum rating, before your loan closing date stating you are eligible for compensation because of a pre-discharge claim.

How much is a funding fee? There are several factors that determine the amount. Loan type, the amount of loan calculated by a percentage, is this your first VA loan or did you previously use VA loans, and the amount for your downpayment.