VA Home Loan

VA Home Loan Programs

VA Home Loan Eligibility and Guidelines

VA Home Loans are offered by private lenders, such as mortgage companies and banks..  A VA home loan is guaranteed by the United States Veterans Affairs. The Veteran Affairs does not originate loans but sets rules, regulations on eligibility and guidelines. The loan can be used to purchase single-family homes, condominiums, multi-unit properties, manufactured homes and new construction. 

The VA home loan program is an option for people who are American Veterans military members currently serving in the U.S. military, reservists and surviving spouses (provided they do not remarry

VA Eligibility Guidelines

To be eligible for a VA Home Loan, you must meet one or more of the following conditions:

  • Served 90 consecutive days of active service during wartime;
  • Served more than 6 years of service in the National Guard or Reserves,
  • You are the spouse of a service member who has died in the line of duty or as a result of a service-related disability.

If you do not meet these requirements, you may still be eligible.  Call or email Svetlana Brikina for more information.

VA Certificate of Eligibility

If you meet one or more of the above-mentioned conditions, the VA borrower will also need to provide a Certificate of Eligibility (COE) to the mortgage lender to verify that the client is eligible for a VA-guaranteed loan.  You can obtain a Certificate of Eligibility three different ways:

  • Your VA lender may request the Certificate of Eligibility on your behalf.
  • Go VA’s eBenefits portal and apply online.
  • Download the VA Form-26-1880 and mail the form to the VA.

Ultimately, it is up to the VA to determine eligibility for the home loan program.

VA Loan Rules and Regulations

VA home loan provides 100% financing and does not have PMI (Private Mortgage Insurance).

It allows veterans to qualify for loan amounts greater than traditional Fannie Mae/conforming loans.

A funding fee is required for all VA purchases or refinances  but this fee can be financed into the loan and can be waived in some cases due to disability. The funding fee goes directly to the Department of Veterans Affairs to help cover losses and keep the program running for future generations of military buyers.

The fee varies depending on a few factors, including the nature of the borrower’s service, whether the borrower has had this type of loan before, and other factors.

The Benefits of a VA Loan

  • Most veterans and service members will not need a down payment.
  • You may be able to qualify with a lower credit score and more debt compared to conventional loans.
  • VA loans do not require PMI (Private Mortgage Insurance).
  • You can refinance, if you already have a VA loan, up to 100% of your home’s value to get cash.

Complete a VA Home Loan Request form and we will guide you through the mortgage process.