VA Loans

VA Loans by The Weeks Team

VA home loans help current and former active duty servicemembers buy a home with little to no down payment. To be eligible, you must have served for a set period of time or be an spouse of a fallen servicemember.

These loans are guaranteed by the U.S. Department of Veterans Affairs and can be used to buy any house or condominium unit that meets government-established the minimum property requirements for safety and condition.

Among other benefits of a VA Loan for home buying:

  • Waiver of many fees associated with a home purchase, such as closing fees
  • No requirement for private mortgage insurance
  • Funds to adjustment a new or existing home for a service-related disability
  • An option to refinance at a later date to get a lower interest rate
  • Financial support from the government to help pay the mortgage if eligible for this support

To apply for a VA Home Loan, you must complete a Certificate of Eligibility (which can be requested by you online or even by lenders).

Veterans and active duty servicemembers are eligible for a VA Home Loan after having served a set period of time, as established by when they enlisted and the country’s wartime status as that time. Unremarried spouses of veterans who died in the line of duty or due to a service-related disability are also eligible for VA Home Loans.

Last, current Reservists and National Guard members may also be eligible if they meet the department’s criteria.

Key factors to consider when applying:

  • Credit score is not taken into account in VA Home Loan eligibility
  • There is no maximum debt ratio, but the veteran or servicemember must show proof he or she can pay the mortgage if the total debt ratio is above 41 percent
  • Basic down payment entitlement is up to $36,000 for most applicants, with loans typically going up to $424,100 in most parts of the United States
  • Any home or condominium can be purchased with a VA Home Loan as long as it passes the Dept. of VA’s minimum property requirements, although these may be steps not required by other loan programs so a knowledgeable Realtor is a must
  • There is a one-time VA fund fee associated with a VA Home Loan

We Believe a loan should help you achieve your goals and dreams, and the VA loan program is an excellent way to give your family the security of a beautiful new home.

If you’d like to see what the VA loan program can offer you, call us today or contact us online!