WHAT IS A VA MORTGAGE LOAN?

A VA mortgage loan is a benefit earned by members of the military, both active and former, and surviving spouses, one benefit that they will be able to take advantage of is being a member of the Veteran’s Association.

One of the primary advantages of being a member of the VA is being able to take out a mortgage through the VA. VA home loans differ from traditional mortgages in a number of different ways.

The Veteran’s Association is comprised of: Members of the military Both active and former Surviving spouses

One major benefit they have earned is being able to qualify for a VA mortgage loan which is different from traditional mortgage loans in several ways.

SERVICE QUALIFICATIONS

The primary difference between a VA home loan and other mortgages is that there is a service qualification that needs to be met.

To qualify for a VA mortgage, a member will need to have had at least: 181 days of active service during peacetime

90 days of active military service during wartime have been a member of the reserves for at least 6 years

Surviving spouses whose spouse passed away in the line of duty, or later due to an injury sustained in the field, will also be eligible to qualify.

OTHER QUALIFICATIONS

Similar to traditional mortgages, VA home loans have various underwriting guidelines that need to be followed.

However, these guidelines are not typically as strict as most other home loans. One of the reasons is because a VA loan is guaranteed by the U.S. government.

Borrowers will need to be able to prove that they have a consistent source of income showing they will be able to support their new mortgage payments.

While credit scores will be factored into the underwriting process, when it comes to determining approval for the loan, the credit score requirements are a little less stringent with the VA loan process.

WHERE TO GET A LOAN

While there are hundreds of mortgage lenders and banks across the country that offer traditional mortgages to consumers, not all banks will be certified to provide VA home loans.

All VA home loans are guaranteed by the Veteran’s Association, which means that they are low-risk to the banks.

To qualify to provide these loans, all banks will need to be approved by the VA first to ensure their ability to meet the demand and needs of veteran borrowers.

Most major banks and mortgage companies will advertise openly if they can offer VA loans.

DOWN PAYMENT AND COSTS

One of the primary benefits for borrowers of a VA home loan is that they can get a loan that does not require a down payment.

Furthermore, VA borrowers who do not have to come up with a down payment will not be required to pay private mortgage insurance, which is largely due to the VA guarantee on every loan.

However, there are some closing costs and funding fees to be paid at closing out of pocket by the borrower.

TYPES OF LOANS AVAILABLE

In general, the types of loans that are available to veterans are similar to the types of loans that are available to the average consumer.

VA lenders will typically offer fixed- rate mortgage and variable-rate mortgages that range from 10 to 30 years in length.

Borrowers of VA loans will be able to use a mortgage for a refinance, to take cash out, and even to receive a second mortgage on their home.

Mortgage Originator Jimmy Vercellino, specializing in VA loans, helps veterans use their VA loan benefit to their greatest advantage.

Be a proud homeowner today. For more details call 480-351-5904 or visit the site www.valoansforvets.com

VA Loans for Vets 7600 E. Doubletree Ranch Road #200 Scottsdale, AZ 85258 Phone: (480) 351-5904 Email: jimmyv@fcbmtg.com