VA Mortgage Loans
Served the US military? Thinking of buying a home? If yes, then apply for VA mortgage loan. VA loan is a home mortgage offered by lenders and guaranteed by the US Department of Veteran Affairs. It is a long-term financing product offered to eligible American veterans who have or are serving the US military. VA loans are also offered to their surviving spouses (provided they do not remarry).
The VA loan is designed to make it easy for active and retired military service members to realize their home ownership dream. The VA mortgage loan can be used to buy a home or refinance an existing loan.
Since VA loans are guaranteed and backed by US Department of Veteran Affairs, in case the veteran defaults or fails to make monthly payments, the Veteran Affairs Department pays the lender a certain percentage of loan balance.
Benefits of a VA Mortgage
Here are some of the many benefits that VA mortgage borrowers enjoy:
- Unlike traditional mortgage types, the VA loan does not require any down payment or private monthly loan insurance.
- 100 percent financing
- There is a limitation on buyers closing cost
- This loan type is assumable
- Has 30 years fixed-loan term
- Up to 4 percent of the veterans closing cost can be paid by the seller
- The seller can also pay down the veterans debt to lower debt-to-income ratio
- The interest rate on VA loan are similar to the FHA loan
- To qualify for VA mortgage, you don’t need to have a perfect credit score
Who Are Eligible for VA Loans?
- Veterans
- National Guard Members/Reservists
- Active duty personnel
- Surviving spouses
- Active-duty service veterans who were not dishonorable and served the US military for at least 90 days during WW II and later periods such as the Korean conflict and Vietnam era
- Veterans and active duty military personnel who served during peacetime period for more than 180 days.
VA Loan Paperwork Required
Just like any other mortgage loan, to apply for the VA loan, you need to complete paperwork and provide certain documents to the lender. To be precise, there are 2 specific documentations required for the mortgage lender to verify your eligibility and determine your VA entitlement. These documents are:
- Active Military Personnel Statement of Service
- COE (Certificate of Eligibility)
To apply for VA mortgage loan and to find out whether you meet the qualifying criteria such as debt to income ratio and the maximum loan amount you can apply for, get in touch with Greentree Mortgage. Our experienced mortgage consultants will guide you and assist you in your loan application process.
For more information or assistance, feel free to call us on 1-800-438-9168. You are only a step away from realizing your homeownership dream.