VA Loans
A VA Mortgage for the Home You Buy
Buying a home is one of the biggest and most important decisions you will ever make. We understand that and want to make the process as easy as possible. Whether you are a first-time homebuyer or are experienced with the process, we're here to make your home buying journey a great one.
Since 1944, when home loan guarantees were part of the original GI Bill, the VA has guaranteed more than 18 million home loans worth over $911 billion. In 2008, 180,000 veterans, active duty servicemembers, and survivors of veterans received VA home loan valued at about $36 billion. More than 90 percent of those VA loans were no-down payment loans.
The VA Home Loan program allows veterans with qualifying income and credit to purchase a primary residence without putting any money down towards the sale price of the home, as long as that sale price does not exceed the appraised value of the home. Veterans do need money towards closing costs as well as earnest money, which the seller generally requires when a sales contract is signed. Closing costs may be paid by the seller, which can be negotiated when the sale price of the home is set.
Just Follow These Simple Steps
- Use the Debt to Income Ratios to figure out how much you can afford to pay for a home.
- Get pre-approved on your home loan. Knowing that your mortgage loan and credit report are already approved will let you look for your new home with confidence. Also, a pre-approval lets the seller know that your offer is solid and that you're a serious buyer.
If 100% financing isn't enough, there are even more benefits to applying for your VA home loans for veterans who are ready to purchase a home:
- VA home loans are assumable, provided the person assuming the loan is qualified.
- Veterans' closing costs are limited by VA, making sure you won't be asked to pay more than a fair price for closing costs.
- You have the VA behind you offering additional assistance if you ever find you are having problems making your home loan payments, at any time in the future.
- Veterans can prepay their VA Home Loans without a penalty.
VA Loan Articles
Read About News, Updates, and Guidelines
There are a great many commonly asked questions about VA home loans, but one of the most-asked topics revolves around the issue of VA loan eligibility. One important issue connected to eligibility is the nature of an applicant’s military discharge.
There are lots of questions about VA home loans. One common source of confusion over the VA loan benefit includes circumstances where an eligible veteran wants to apply for a loan with another veteran.
Reservists and members of the National Guard who are looking for a VA home loan should become familiar with the VA loan rules that spell out minimum periods of military service to establish eligibility for the VA loan benefit.
The VA Lender’s Handbook has several things to say regarding the use of the VA loan benefit for land purchases. The borrower is required to apply for a construction loan and the land purchase loan at the same time.
For those still shaking their heads at the housing market crisis of 2008 and beyond, the idea of a home with growing equity probably sounds unrealistic. A great many home owners are still struggling with underwater mortgages.
