What are VA Mortgage Loans?
Veterans and active duty military personnel may be eligible for a VA home loan offering up to 100% financing. One of the few remaining ‘zero down’ options, there are many advantages to this program. Because these loans are backed by the Department of Veterans Affairs, mortgage lenders are able to offer more favorable terms to borrowers such as lower mortgage rates.
How do I qualify for a VA Loan?
Qualification for a VA Loan will be based on several factors including:
- A Valid Certificate of Eligibility – You must be an eligible service member or veteran who was not dishonorably discharged and have met the minimum active duty service requirements. Some surviving spouses may also qualify
- Credit history and score
- The amount of income you earn
- The amount of your other debts
- Home must be used as your primary residence
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Choose Your Option
Get Pre-Approved to Buy Your First Home
Before you begin your search for a house, it makes sense to get e-approved for a mortgage. This will help you determine a price range for your search and whether you are likely to be approved for the loan amount you’re interested in. This will also make you a stronger buyer in the eyes of sellers and their real estate agents because you’ve already had your financial history verified in the process and a mortgage professional has established what price range fits your personal budget .
Apply for a Mortgage
Once you have a property under contract you’ll be ready to submit a full application for a purchase mortgage. You and your mortgage consultant can do much of the preliminary work ahead of time, such as identifying which loan program fits your income and gathering supporting documentation, so that once you have a purchase contract in hand you can hit the ground running.
The Road to Approval
After your application is submitted, a whole team (including you) will be at work moving the loan towards approval. The mortgage consultant and loan processor will work together to complete the other aspects of the application, ordering an appraisal of the property, conducting a title search (looking for undisclosed liens on the property), and more. You will need to arrange for homeowners insurance, and dependent on your region, possibly flood, wind and hail, earthquake, or other specialty coverage. You may also be asked to provide additional information such as more current bank statements, an explanation of where a certain deposit came from etc. Try to obtain these documents quickly, as most purchase contracts specify a time frame within which closing must take place.
Closing
This is where you sign the documents finalizing both the purchase and the mortgage financing. Depending on where you live the closing might take place at an attorney’s office or with an escrow agent. Be sure to ask questions about anything that is unclear. After closing, you generally receive the keys to your new home. Now you can celebrate becoming a homeowner!
You served your country, now it's your turn.
There are several benefits of a VA Mortgage Loan:
- Low Mortgage Rates
- Low down payment requirements, up to 100% financing available
- May be easier to qualify for compared to other loans
- Available in 30 year and 15 year loan terms
Properties Eligible for an VA Mortgage Loan
The following are several examples of properties that are eligible for an VA Mortgage Loan:
- Single Family Homes
- Multi-Family Homes
- Mobile or Manufactured Homes
- Condos
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