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What's a VA home loan?
A VA home loan is partially backed by the U.S. Department of Veterans Affairs and is available only to people who have served in the military or their surviving spouses. VA loans are easier to qualify for, and offer some incredible benefits.
Benefits of VA loans
At the moment, VA loans are some of the most appealing loans out there, and for good reason:
- No down payment required. This is big. No-money-down loans are a dying breed, and this is one of the few remaining programs giving borrowers this option.
- No mortgage insurance required. Generally, the trade-off for programs that allow you to contribute minimal equity up front (like an FHA mortgage) is that they then insist you buy mortgage insurance. This is not the case with a VA home loan.
- No minimum credit score. VA Home Loans generally require no credit score, however this varies from lender to lender.
- Lower closing costs. Veterans Affairs limits the amount you can be charged for closing costs.
- Help for struggling homeowners. Veterans Affairs will also work with your lender on your behalf to help you avoid foreclosure.
Other factors you should be aware of:
- VA loans are only available for primary homes—no vacation or investment properties.
- Fees will still apply. They may, however, be lower, and a down payment can often shrink them even further.
VA loan qualification requirements
Qualification requirements vary depending on military experience:
- Active-duty personnel qualify after about six months of service, or even less if they serve during wartime.
- National Guard and Reserve members qualify after six years, or less if they’re called to active duty or serve during wartime.
- The spouses of service members who died on active duty are also eligible.
- If you have a history of military service, there’s a strong chance that you qualify.
Okay, why pick Total Mortgage?
Total Mortgage employs veterans like yourself who have been through this exact process and can give you the guidance you need to find the best VA loan for you and your family.
- Our veteran mortgage experts will educate you as you move through the mortgage process.
- No pre-payment penalties— you have the freedom to pay off your loan as quickly as you want.
- We have some of the lowest interest rates in the country, which can save you heaps of cash over the course of your new VA loan.
- We close new purchase loans in thirty days or less—guaranteed.*
Ready to learn more? Call 203-349-9772 or request a consultation with a VA mortgage expert today!