Some Benefits of the VA Loan

Purchase with $0 down.  Other loan types require as much as 10-20% down.

Lower interest rates, typically 0.5% to 1.0% lower.  This could save you tens of thousands of dollars over the life of the loan.

No maximum loan amount

You don't have to pay for private mortgage insurance (PMI.) The VA is already insuring "guaranteeing" the loan for you.

Getting qualified is much easier.  Because the loan is insured by the federal government, lenders are not as strict with the lending rules.

You can not be penalized for paying your loan off early.

The closing costs may be paid by the seller of the home.  Ask us about this!

The VA may be able to help you if you have difficulty making payments.

If you are a disabled veteran with a service related disability of at least 10% you may qualify to have the VA funding fee waived. 

 

Am I Eligible

Usually all active duty personnel and those veterans that have been other than dishonorably discharged are eligible for a VA home loan.  Disabled Veterans can be eligible for even more benefits and have no service eligibility requirements!  Surviving spouses of Veterans can be eligible for VA loans as well.  See below for more details about your specific eligibility. 

If you served:

DURING WARTIME:  You must have served at least 90 days on active duty.

DURING PEACETIME: You must have served at least 180 days on active duty.

IN THE NATIONAL GUARD: You must have served at least 6 years.

IN THE SELECTED RESERVES: You must have served at least 6 years. 

If you are:

A DISABLED VETERAN: If you have a service related disability there may be no service eligibility requirements. Make sure you let your lender know you are a disabled veteran so you can qualify for these extra benefits.

A SURVIVING SPOUSE: If you are an Unremarried spouse of a veteran who died while in service or died as a result of a service related disability, or the Unremarried spouse of a POW or MIA service person you are eligible for the VA home loan benefit. 

A US CITIZEN:  If you are a US citizen that served in the armed forces of a US ally during World War II you may be eligible for the VA Home Loan program.