VA home loans are mortgages guaranteed by the United States Department of Veterans Affairs designed to offer long-term financing to eligible American Veterans to purchase a primary residence. VA home loans are provided by approved lenders, like us.
If your VA eligibility was used to purchase a home in the past with no down payment and has been sold and the loan paid off, you should be able to use your VA to purchase a home again. If you purchased a home using your VA eligibility and it is now rented with your VA loan still on the home, you may have unused eligibility that can be used to purchase another home; however, you may need to make a down payment.
BENEFITS OF A VA LOAN:
- VA loans require no down payment if you have full eligibility.
- VA loans do not require mortgage insurance.
- VA loans provide a 30-year fixed interest rate that is usually lower than that of Conventional loans.
- VA loans allow for a higher debt-to-income ratio.
- VA loans provide borrowers with the opportunity to purchase when their credit does not allow them to qualify for a Conventional loan.
- VA loans provide a shorter time-frame for approval after a short sale, foreclosure, or bankruptcy (Just 2 years).
- VA eligibility never expires.
- There is not a VA funding fee for Veterans receiving at least 10% VA disability.
VA LOAN REQUIREMENTS:
- The property must be owner-occupied.
- The buyer’s income and credit must qualify.
- Requires Section 1 and Section 2 termite clearance.
- Condos must be VA approved.