VA Loan

The U.S. Department of Veterans Affairs (VA) Loan was created to assist servicemembers, veterans, and eligible surviving spouses in becoming homeowners. Just as with other government loans, this funding is not provided by the VA but instead they provide a guarantee which allows lenders to provide more favorable loan terms.

Is it right for me?

This no down payment/ 100% financing loan is only available to servicemembers, veterans, and eligible surviving spouses. The length of service/service commitment, duty status, and character of service determine the individual’s eligibility for specific home loan benefits. In order to qualify with us you will need to provide a Certificate of Eligibility (COE), your

mortgage loan originator can help with this. Additionally, the property owner must occupy the property so this loan wouldn’t work for an investment property like a

conventional mortgage might.

Why is it different from other mortgages?

While, this loan program does not require a down payment, similar to the RHS loan, it is unlike the RHS loan in that mortgage insurance is not required. The reason why your lender can offer these favorable loan terms- no down payment, no mortgage insurance, and lower credit score requirements than many conventional products- is because it is backed by the VA. Meaning your mortgage lender takes on less of a risk since the VA will pay a claim if you default on the mortgage. That being said, the VA has it’s own set of appraisal guidelines which the property must meet; dependent on the property this means a water test or a pest inspection may be required..

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