VA HOME LOANS

A VA home loan is a mortgage loan guaranteed by the Department of Veterans Affairs. If you are currently in the U.S. military, or if you have ever served in the U.S. Armed Forces, you may be eligible.

VA financing benefits:

• You may purchase a home with no down payment,1 subject to VA guidelines in your area.

• You may choose a fixed-rate or an adjustable-rate mortgage.

• There are limits to the amount of closing costs you will have to pay.

• You are not required to pay monthly mortgage insurance or PMI.


VA Loan Requirements

  • You have completed at least 90 days of active duty service.

  • You have at least six years of service in the Reserves or National Guard .

  • You have served at least 181 days of active duty service during peacetime.

  • You have 90 days of cumulative service under Title 10 or Title 32. For Title 32 service, at least 30 of those days must have been consecutive.

  • You’re the spouse of a military service member who died in the line of duty, or as a result of a service-related disability. (Read More: VA Loan Eligibility for Surviving Spouses)

In order to qualify for a VA loan you'll need to provide your lending institution with a COE, or Certificate of Eligibility. The process to obtain a COE involves obtaining proof of service and filling out the right paperwork for your military branch. You can apply online or print out a COE request from the VA website. If you have access to your eBenefits portal you can receive your COE confirmation in just a few minutes. If you print out your form and wait for a mail response, expect the Certificate of Eligibility to take between 4 and 6 weeks.

Are you Eligble for a va loan?

• You currently serve on regular active duty in the military.

• You have served on regular active duty in the military and have since been discharged.

• You have served in the Selected Reserves or National Guard for at least six years.

• You are an unmarried spouse of a veteran who died on active duty, or as a result of a service-connected disability.

According to the VA, you may still be able to get a COE if you were discharged for one of these reasons:

  • Hardship

  • The convenience of the government (you must have served at least 20 months of a 2-year enlistment)

  • Early out (you must have served 21 months of a 2-year enlistment),

  • Reduction in force, or Certain medical conditions

  • A service-connected disability (a disability related to your military service)

Can I Afford to buy a home?

Take a look at your finances and find out how much you have to spend on a monthly mortgage payment. Once you set up a budget and know what you can afford per month, it’s time do some market research. Take a look at what homes are going for in your area. Then check on current interest rates.

There are many mortgage calculators out there that can help you estimate your monthly payment using an estimated home price and interest rate