VA Loans

VA Loans Establish -1944 establish under the GI Bill

VA Loan Guidelines Explained


When considering a VA Loan, there are many guidelines that designate eligibility. Before getting started on the process, it is important for a potential borrower to understand all of the requirements associated with a VA Loan. Although all VA Loan guidelines will need to be explained by a lender, here is a sampling of what to expect:

Eligibility Guidelines for Veteran's Loan Continues..

Eligibility GuidelinesService requirements ranging from 90 days (active duty during wartime) to 6 years (National Guard) Must acquire a Certificate of Eligibility Occupancy 

Guidelines. Income Guidelines Sufficient in amount Stable and reliable Anticipated to continue during foreseeable future Debts and Credit GuidelinesCredit reports must be less than 120 days old (180 days for new construction) Deferred student loan payments must be considered among monthly obligations Bankruptcy does not automatically disqualify applicants

Eligibility Guidelines for Veteran Loan Continues..

Must personally live in the property or plan to live in the property upon its completion Allows for intermittent occupancy in situations where the veteran has a history of continuous residence in the community and had no intention to establish permanent residency elsewhere Occupancy by a spouse satisfies the requirement for those on active duty.

Benefits of a VA Loan

Equal opportunity for all qualified veterans

No down payment 

(unless required by lender or purchase price is more than property's reasonable value)

Buyer is informed of reasonable value

Negotiable interest rate

Ability to finance the VA funding fee

Closing costs that are comparable with other financing programs (and maybe lower)

Benefits of a VA Loan Cont..

No mortgage insurance premiums

An assumable mortgage

Right to prepay without penalty

For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder


VA assistance to veteran borrowers in default due to temporary financial difficulty 

VA DOES NOT DO THE FOLLOWING

VA cannot guarantee that a lender will provide you a loan.  VA cannot compel a lender to make a loan that would violate their lender policies or VA income and credit standards VA cannot guarantee that a home is free of defects. It is the veteran's responsibility to assure that he/she is satisfied with the property being purchased. The VA appraisal is not intended to be an "inspection" of the property. A veteran should seek expert advice (a qualified residential inspection service), as necessary, BEFORE legally committing to a purchase agreement.
If you have a home built, VA cannot compel the builder to correct construction defects, although VA does have the authority to suspend a builder from further participation in the home loan program.
VA cannot guarantee that a veteran is making a good investment.
VA cannot provide a veteran with legal services.Customers have questions, you have answers. Display the most frequently asked questions, so everybody benefits.