VA loans are a type of mortgage that are backed by the Department of Veterans Affairs. They offer some fantastic benefits, like the ability to finance up to 100% of your home’s value, lower interest rates, and favorable terms. These loans can make it easier for you to become a homeowner.
To qualify for a VA loan, you’ll need to get a Certificate of Eligibility (COE). This certificate verifies that you meet the minimum service requirements. These requirements include specific periods of active service during wartime or peacetime, as well as service in the National Guard or Reserves. Spouses of service members who died while serving or due to a service-related disability may also be eligible.
Once you have your COE, you can start the process of applying for a VA loan. You’ll work with a lender who has been approved by the VA. They’ll review your financial situation and consider factors like your creditworthiness and income. While the VA guarantees part of the loan amount, it is important to remember that you’re still responsible for making your mortgage payments.
You can apply for a VA loan at any time during your lifetime. The VA guarantees up to 100% financing for eligible borrowers.
You may use a VA loan to purchase a new home, refinance a home you already have, or consolidate other debts into one monthly payment. If you have multiple credit cards, student loans, car payments, and other bills, it is often easier to combine them into one monthly payment.
A VA loan allows you to take advantage of lower interest rates and lower down payment requirements than most other loan types.
Contact us to schedule a FREE loan assessment if you are interested in a VA loan.