What is a VA Home Loan?
A VA mortgage is a mortgage issued by approved lenders and guaranteed by the U.S. Department of Veterans Affairs (VA), that has guaranteed millions of veterans, active duty military members and their families to purchase homes or refinance their mortgages. Created in 1944 by the United States government, this historic benefit program helps returning service members purchase homes without needing a down payment or excellent credit.
A VA home loan can make home ownership a reality for active military or veterans who might otherwise not be able to afford it. Homestead Mortgage understands the importance of a home base for military and their families, and we are proud to be able to help active and retired military use this unique product to meet their housing needs.
VA Mortgage Loan Benefits
- No down payment
- Competitive interest rates
- Flexible credit requirements
- Lifetime benefit
- Higher loan value
- No mortgage insurance
- Closing cost limits
- Option for seller to pay closing costs
- No pre-payment penalties
- Foreclosure avoidance
With all these great advantages, it comes as little surprise that the VA’s home-financing program is hitting record levels with over 22 million issued loans. The home must be used for personal occupancy, and also have suitable credit, sufficient income, and a valid Certificate of Eligibility (COE). This document will verify that you are qualified for the program and outline your benefits level.
Who is Eligible for VA Home Loans?
- Active-duty personnel
- Reserve members
- National Guard members
- Some surviving spouses
The VA mortgage program offers some of the most attractive and flexible loans available on the market, and are exclusively for military personnel, veterans and their families. A VA home loan can be used for a number of purposes, including purchasing or building a new home, refinancing a current mortgage, repairing or improving your existing home, or installing home efficiency measures.
I’m Ready to Apply for a VA Home Loan!
A VA mortgage is a great benefit to military personnel during and after their service, and the best mortgage available in today’s market. You’ve earned the privilege to apply for this great loan program. So what are you waiting for? To learn more about your VA home loan options, contact the Homestead Mortgage home loan expert Tim Barr today!