THE VA HOME LOAN
The VA Home Loan is the most incredible benefit you earned while serving your country.
We are your VA Home Housing Experts and are here to guide you through the VA Home Buying Process. Please fill out the Buyer Application to get started
We are Military and Veteran Housing Certified by the Veterans Association of Real Estate Professionals ( VAREP )
What do we do?
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Features of a VA Home Loan
The abbreviation VA stands for “Veteran Affairs”. The United States VA department began guaranteeing home loans for our military in 1944 as part of a plan to combat the devastating aftermath associated with World War 2.
The VA department does not fund, approve or close VA Home Loans themselves. They do however set forth the guidelines that mortgage lenders must follow when originating VA Mortgages. In Addition, the VA Guarantees each loan made to a veteran which makes it possible for mortgage lenders to offer Veterans such amazing home financing options.
To Date, the VA has Guaranteed over 20 million home loans made to Veterans. The loan terms extended to our military veterans provide them with an outstanding option when purchasing and new home or refinancing a current loan.
NO DOWN PAYMENT
COMPETITIVE INTEREST RATES
FLEXIBLE DEBT TO INCOME RATIO
VA HOME LOAN CAN BE USED MULTIPLE TIMES
NO PRE-PAYMENT PENALTY
FLEXIBLE CREDIT GUIDELINES
Summary of the VA Home Loan
History of the VA Home Loan
The original Servicemen's Readjustment Act, passed by the United States Congress in 1944, extended a wide variety of benefits to eligible veterans. The VA loan guarantee program was especially important to veterans. Under the law, as amended, the VA is authorized to guarantee or ensure home, farm, and business loans made to veterans by lending institutions. Over the history of the program, 20 million VA home loans have been insured by the government. The VA can make direct loans in certain areas for the purpose of purchasing or constructing a home or farm residence, or for repair, alteration, or improvement of the dwelling. The terms and requirements of VA farm and business loans have not induced private lenders to make such loans in volume during recent years.
The Veterans Housing Act of 1970 removed all termination dates for applying for VA-guaranteed housing loans. This 1970 amendment also provided for VA-guaranteed loans on mobile homes.
VA Home Loan Programs
Purchase and Cash-out Refinance Home Loan- The VA Purchase Loan helps to purchase a home at competitive interest rates often without requiring a down payment. The Cash Out Refinance Loan is good for Veteran who want to take out existing equity to pay off debt, funding school or making home improvements.
Streamline Refinance Loan- The Interest Rate Reduction Refinance Loan (IRRRL) can help obtain a lower interest rate by refinancing an existing VA Loan.
Housing Grants for Disabled Veterans- VA provides a grant to the service member and veterans with certain permanent and service-connected disabilities to help purchase or construct an adapted home or modify an existing home to accommodate a disability
Native American Direct Loan- The NADL programs helps eligible Native American Veterans finance the purchase, construction, or improvement of homes on federal trust land, or reduce the interest rate on a VA Home loan.
VA Jumbo Loan – Veteran pays only a 25% down payment of the difference between the purchase price and the loan limit of $453,100 Great for Higher End Home Purchases.
YOUR VA HOME LOAN ELIGIBILITY
One of the first and most important steps a lender must take when helping a Veteran get Pre-approved for a VA Home Loan is to determine what their eligibility is. In the world of mortgages, eligibility determines whether the Veteran is eligible for a VA Home Loan. The VA outlines a Veterans eligibility on a document the call a Certificate of Eligibility ( COE ).
Active Military and Veteran who prefers to order their own COE, they have 2 options:
Complete a VA Form 26-1880, Request for a Certificate of Eligibility, online thought e-benefits.
Submit a completed VA Form26-1880, to the Atlanta Eligibility Center along with proof of Military Service DD-214
VA Loan Eligibility Center
PO Box 100023
Decatur, GA 30031
VA loan eligibility is earned after completing the required length and character of service described in the Department of Veterans Affairs guidelines. Veterans who served after September 15, 1940, may be eligible for home loan benefits after serving on active duty in the Army, Navy, Air Force, Marine Corps, or Coast Guard for:
• As few as 90 days of active duty, any part of which is during wartime
• As few as 181 or more continuous days of active duty during peacetime
• If a veteran enlisted after September 7, 1980, or entered service as an officer after October 16, 1981, he or she may be eligible after completing either the 90 or 181 days or the full call of active duty service described above or:
• 24 continuous months of active duty for regular military members
• 6 years of service for Reservists/National Guard members
• Generally, members discharged early for service-connected disabilities or certain other reasons may still be eligible under VA guidelines. Other uniformed service groups including military cadets may also have VA loan eligibility. Discharge must be under conditions of Honorable.
Some National Guard and Reservists Eligible after 90 Days of Active Duty
Those who served during the Persian Gulf War, Operation Enduring Freedom, Operation Iraqi Freedom, Operation New Dawn, or any time after August 2, 1990 need 24 months of continuous active duty service or at least the full period of service for which they were called (which must be 90 days of active duty). Even National Guard and Selected Reservists, who normally earn home loan benefits after 6 years, maybe VA eligible in as few as 90 days if called up to active duty during wartime.