VA Mortgage Loans

VA Mortgage Loans

A great loan option that you have earned. Thank you for your service.

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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No Credit Card. No SS#. No Hassle. VA Loan Process Benefits of VA Loans Types of Properties VA Loan Process

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!

Benefits of VA Loans

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

Types of Properties

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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Important: Information is gathered from multiple sources. It should be used for research purposes only, understanding average rates available on the market and not relied on for your actual interest rate. Your rate, terms, pre-paid finance charges and APR may vary based on a number of factors including, but not limited to, the creditworthiness of the applicant(s), self-employment status of the applicant(s), condo or townhouse structure, loan amount and geographic location of the property and other considerations.. Contact your lender for specific rates the meet your particular financial situation. LoanPower is not responsible for the accuracy of information or responsible for the accuracy of the rates, APR or loan information posted by brokers, lenders or advertisers. LoanPower is not associated with the government, and our service is not approved by the government or your lender.This is not, and is not intended to be, a mortgage application. Once you have completed this expression of interest (or information request form) your information will be sent to our participating lenders. You will be contacted by telephone and/or email. By submitting your expression of interest you are consenting to receive telephone calls from our participating lenders even if you have previously listed yourself on any internal company, state or federal Do-Not-Call List. . Privacy Policy/Terms of Use