VA Mortgage Loan Programs
As a veteran, you have given a lot to your country.
The VA Mortgage Loan Programs were designed to give you just a little bit back.
Today, nearly 30 million military veterans and active duty service personnel are eligible for VA financing. This number includes new borrowers, as well as those who have already used all or a portion of their loan benefit. In some cases, this second group may be able to use remaining or restored loan entitlements to purchase another home.
Not sure if you are eligible for VA financing? Contact us today for more information.
What is a VA Guaranteed Loan?
As with any other loan, VA-guaranteed loans are made by a lender, such as a mortgage company or bank. However, with a VA loan the lender is protected against loss by the federal government. These loans were originally developed to encourage lenders to offer military veterans more favorable loan terms than those found elsewhere.
Key Advantages of VA Home Loans
Who is Eligible for a VA Home Loan?
Military veterans with honorable active duty service from World War II to the present may apply for a VA home loan. Those who served during World War II, the Korean conflict, the Vietnam era and the Gulf War must have performed 90 days of active service to be eligible. Minimum service requirements for other veterans and active duty military personnel range from 180 days to two years.
If you have specific eligibility questions or need a Certificate of Eligibility, contact us today for assistance.
How Can VA Home Loans Be Used?
The VA Mortgage Loan Programs are very flexible and can be used for a number of purposes.
For example, VA home loans can be used to purchase a home, condominium (in a VA-approved project), co-op unit or a manufactured home and/or lot. These loans may also be used to build a new home or to purchase and improve an existing property.
A VA home loan can also be used to install more energy-efficient features, refinance and/or cash-out an existing VA loan, or to convert a conventional mortgage into a more favorable VA loan.
For more information on which VA Mortgage Loan Program may be right for you, contact Union Home today to talk to one of our experience mortgage consultants.
How Can I Apply for a VA Home Loan?
The process of applying for a VA home loan is the same as for any other mortgage loan. In fact, the application form used for VA loans is exactly the same as the one used for both HUD/FHA and conventional loans.
As with other loans, your lender is ultimately responsible for verifying your income and otherwise processing your loan application. If you are deemed to be creditworthy and the VA-appraised value of the property is sufficient for the loan amount needed, the loan can then be submitted for approval by the VA prior to closing.
We think you’ll be pleasantly surprised at how little “red tape” is involved with securing a VA home loan. Give us a call today to find out more!