What Are VA Mortgage Loans?
The U.S. Department of Veterans Affairs created a loan program specially designed for veterans. VA Mortgage Loans are loans that are backed by the federal government, therefor lenders are more comfortable with providing these loans to individuals. Since lenders are more comfortable providing these loans, they provide many benefits!
What are the benefits of VA Mortgage Loans?
Mortgage Lenders prefer VA Loans because there is a guarantee that the lender will receive their money back from the loan, whether the money is from the individual borrower or from the U.S. Department of Veteran Affairs (if the borrower forecloses on the house). Since the lenders are guaranteed to receive their money back, they offer incredible benefits for borrowers. The benefits of using a VA Loan are below!
- No Down Payment!
- Competitive terms and lower interest rates!
- No need for private mortgage insurance!
- Fewer closing costs!
- Easier to qualify!
How do you qualify for VA Loans?
If you are an active-duty service member, qualified veteran, or surviving spouse of a military member killed in active service, you can qualify for a VA loan.
Active-Duty Service Member Qualifications
– You have served for at least 90 consecutive days
– There are varying qualifications for veterans based on the time of their service. Contact us or click here for more information about the specific VA Mortgage Loan qualifications for veterans.
Surviving Spouse Qualifications
– The veteran is missing in action or a prisoner of war
– The veteran died in service or had been totally disabled and then died
How do you apply for a VA Loan?
Applying for a VA Loan is easy! There are only three steps you need to complete and you will be ready to apply. Follow these three steps and you will be ready to take the next steps in the process of purchasing your new home.
– Obtain a Certificate of Eligibility (COE)
– This proves to the lender that you are eligible for VA Loans
– Obtain a copy of your DD214
– Get Pre Qualified
Still have more questions about VA Mortgage Loans?
The Mortgage Genius has helped many veterans with obtaining VA Loans, contact him today for more help with beginning the journey to purchasing your next dream home. You can also check out the Buyer’s Guide from the Department of Veterans Affairs for more information.