VA Loan

What Is a VA Loan?

A VA loan is a specialized financing option backed by the U.S. Department of Veterans Affairs. It is designed specifically for eligible veterans, service members, and qualifying surviving spouses. VA loans offer significant advantages, including no down payment and more lenient credit requirements, making home ownership accessible and affordable for the military community.

Eligibility for VA Loans

If you are currently serving in the military, are a veteran, or a qualifying surviving spouse, you may be eligible for a VA loan. Eligibility is based on service duration and nature as follows:

181 days of service during peacetime
90 consecutive days of service during wartime
More than 6 years in the National Guard or Reserves, or 90 days under Title 32 with at least 30 of those days consecutive
Surviving spouses, with specific conditions

Key Benefits of VA Loans

No Down Payment Required: One of the most significant benefits is the ability to finance 100% of the home's price without a down payment.
Lower Interest Rates: Typically lower than those available with conventional loans, making your monthly payments more affordable.
No Private Mortgage Insurance (PMI): Unlike conventional and FHA loans, VA loans do not require monthly PMI.
Flexible Credit Requirements: VA loans have more lenient credit requirements, making them accessible even if your credit isn't perfect.

Certificate of Eligibility (COE)

To apply for a VA loan, you’ll need a Certificate of Eligibility (COE), which verifies to lenders that you meet the eligibility criteria. You can obtain your COE through the VA’s eBenefits portal or your lender can help you secure this document.

VA loans are an excellent option for those who qualify, offering significant benefits that can help make home ownership more affordable and attainable. For more information on how to get started, or to find out if you qualify for a VA loan, contact us today.