As a benefit of your service, the Department of Veterans Affairs offers unique resources to help those with military experience purchase a home with a low or zero down payment. VA loans offer flexible options as either Fixed Rate or Adjustable Rate mortgages.
One of the key benefits of VA loans is that they provide the buyer a chance to finance 100% of the purchase price of the home. This means no down payment is required. However, it is important to note that buyers will still need to qualify for the loan initially, just like any other type of home loan option.
Do You Qualify for a VA Loan?
To qualify for a VA loan, you must meet certain eligibility requirements. These requirements typically include having served a minimum period of active duty service, being honorably discharged, and meeting specific service criteria based on your branch of service and selected dates of service. Spouses of deceased military members may also be eligible for VA home loan benefits.
If you’re unsure about your eligibility or have questions about VA loans, it’s best to consult with a mortgage professional at Successful Mortgage who specializes in VA home loans. We can help determine your eligibility and guide you through the application process, ensuring you make the most of your well-deserved benefits as a veteran.
The VA Loan Process
A VA loan works the same as most other home purchases, with a buyer making a written offer to purchase a home under specific conditions (price, closing cost assistance, other contingencies), and then going through an approval process with a lender. The key difference with a VA loan is that the Department of Veterans Affairs requires that all homes purchased through this program meet certain habitability requirements. They will send out a home inspector and appraiser to make sure that the home is in good working order and is worth what you are paying.
This step may sometimes cause delays, especially if repairs are needed after the inspector looks around. Issues at the home do not necessarily mean that the buyer cannot use the VA loan, just that repairs will need to be done before the home purchase can be completed. The VA recently started offering a VA loan to be used for homes that need renovation on a limited basis.
How VA Loans Work
- Purchase your home with as little as 0% down payment.
- 30-, 25-, 20-, and 15-year terms are all available with fixed rates.
- 5-year adjustable rate mortgages are available.
- Jumbo VA loans are available.
- VA Streamline Refinance with a reduced funding fee and flexible documentation requirements – available for veterans currently utilizing VA loans.
- No monthly PMI (Private Mortgage Insurance).
- VA loans are governed by the U.S. Department of Veterans Affairs.
- Pay your mortgage off at any time without pre-payment penalties.
To apply for a VA home loan, contact Successful Mortgage today. Just as you have faithfully served our country, we look forward to serving you by finding the best mortgage rates and options available.
**Success Mortgage is not affiliated with or acting on behalf of or at the direction of FHA, VA, USDA or the Federal Government.