Quantcast

A VA approved lender; Mortgage Research Center, LLC – NMLS #1907. Not affiliated with any government agency. Not available in AZ, NV, or NY.

Do you qualify for a VA home loan? These veteran benefits in the GI Bill of Rights provide veterans with a federally guaranteed mortgage with no down payment. VA home loans are made by private lenders, such as banks, savings & loans, or mortgage companies.

Get a VA Home Loan quote today

Start My VA Loan

NMLS #1907 | Equal Housing Lender | VA Approved Lender; Not a government agency
Not available in AZ, NV, or NY

What is a VA Loan?

VA Loan Guidelines

The VA Loan became known in 1944 through the original Servicemen's Readjustment Act also known as the GI Bill of Rights. The GI Bill was signed into law by President Franklin D. Roosevelt and provided veterans with a federally guaranteed home with no down payment. This feature was designed to provide housing and assistance for veterans and their families, and the dream of home ownership became a reality for millions of veterans. The GI Bill contributed more than any other program in history to the welfare of veterans and their families, and to the growth of the nation's economy.

With more than 25.5 million veterans and service personnel eligible for VA financing, this loan is attractive and has many advantages. Eligibility for the VA loan is defined as Veterans who served on active duty and have a discharge other than dishonorable after a minimum of 90 days of service during wartime or a minimum of 181 continuous days during peacetime. There is a two-year requirement if the veteran enlisted and began service after September 7, 1980 or was an officer and began service after October 16, 1981. There is a six-year requirement for National guards and reservists with certain criteria and there are specific rules concerning the eligibility of surviving spouses.

VA will guarantee a maximum of 25 percent of a home loan amount up to $104,250, which limits the maximum loan amount to $417,000. Generally, the reasonable value of the property or the purchase price, whichever is less, plus the funding fee may be borrowed. All veterans must qualify, for they are not automatically eligible for the program.

VA guaranteed loans are made by private lenders, such as banks, savings & loans, or mortgage companies to eligible veterans for the purchase of a home, which must be for their own personal occupancy. The guaranty means the lender is protected against loss if you or a later owner fails to repay the loan. The guaranty replaces the protection the lender normally receives by requiring a down payment allowing you to obtain favorable financing terms.

VA LOAN ARTICLES

Read About Veteran Mortgage News, Updates, and Guidelines
--> Who Pays for VA Appraisals? - VALoans.com

If you're new to the VA loan process, you'll learn you must pay both the initial appraisal and any required subsequent compliance inspections.

--> Is There an Age Limit on VA Home Loans? - VALoans.com

The VA loan benefit is offered to all qualifying veterans who have met their time in service requirements and/or discharge requirements, regardless of age.

--> Selling a Home Purchased with a VA Loan - VALoans.com

One of the most frequently asked questions about having a VA guaranteed mortgage has to do with the ability to sell the property.

--> Home Appraisals and Inspections for Your VA Loan

Inspections and appraisals don't act as guarantees that the home you are buying is completely free of defects. Buyers should examine the home themselves.

--> Employment and Income Verification for VA Home Loans

The VA has strict requirements for VA loan applicants about disclosing income, residency and other data necessary to approve a VA loan.