What is a VA Loan and what are my VA Loan Benefits
The VA loan is a unique home loan program applicable to those who have served our country through the armed forces. You have given and sacrificed so much. This is one way to give back to you.
If you have served in any branch of active duty at any point in your life, you may be eligible for VA loan benefits. (Even if you’re non-active or retired military now.) Active personnel and reserves/National Guard service members may also be eligible for a VA loan. The VA loan benefit lasts your lifetime and may be used repeatedly as you buy and sell homes as your primary residence.
The VA loan program is distinctive in that it strives to offer many advantages to active and non-active military professional. Property is available for purchase at 100% financing – zero money down payment is required. Buyers also enjoy lower monthly housing payments since the VA loan requires NO private mortgage insurance (PMI) and typically have lower interest rates than conventional loans and FHA loans.
Qualifying for a VA Loan
The VA loan program is still, in essence, a home loan program. You’re still buying a house and applying for a loan, therefore qualifications and eligibility still apply. Everyone must apply for a VA loan and pre-qualify just as they would a regular loan. However, this loan program allows for more relaxed qualifications compared to other home financing options. Because the VA loan is backed and guaranteed by the government, banks processing the loans through the VA loan programs relax qualifications, lower rates, reduce fees and offer many benefits.
A VA loan requires a credit score of 620; however even if you don’t have that score – don’t let that stop you from applying and working with us. VA loan qualifications are some of the most lenient in the industry. Our VA loan mortgage specialist team can work with you and help restore your credit so that you can put your VA benefits to use. Don’t let your credit score, work history or income level stop you from using your VA loan. Just make sure to work with someone who’s experienced in and can guide you through the process.
Getting your DD214 – Retired or Out of Military
Most of our VA loan applicants are NOT currently serving in active military. If you are non-active military, you will need to prove your eligibility and service. For most of the service members we work with, they need a DD Form 214. This indicates to us that you have served in the armed forces, received honorable discharge and are qualified to use VA benefits.
There is little doubt that you have earned the benefits that you are entitled to. Let us help you work through the process and get you into a dream home. It brings us joy to put vets into loves that they love, and we want to work with you!