VA Loans

If you are a qualified veteran or active service member and are looking to avoid a down payment, this loan is for you!

General requirements:
•   Qualified veteran or active service member (COE)
•   Property is primary residence

VA loans are designed to allow veterans and active military personnel to purchase homes without requiring a down payment. These loans, guaranteed by the U.S. Department of Veterans Affairs, offer competitive interest rates and reduced closing costs. According to a study by the National Association of Realtors, VA loans have been shown to help veterans achieve homeownership at rates higher than their non-veteran counterparts.

VA loans offer many benefits, including no down payment, no monthly mortgage insurance payments, and low rate options.

Generally speaking, veterans, active service members, and spouses are eligible for VA loans. However, the VA sets rules to determine specific criteria for those who have served in the U.S. Military. To qualify, you must meet at least one of the following:
•   Served 181 days of active service during peacetime
•   Served 90 days of active service during wartime
•   Served more than 6 years of service with the National Guard or Reserves
•   Are the spouse of a service member who lost their life in the line of duty or as the result of a service-connected disability.   Although there can be exceptions, you generally can’t be remarried.

For a VA loan, you are required to have a Certificate of Eligibility (COE). In order to get this, there are documents that you will need to submit depending on your type of service. Our loan officers are here to assist you through this process if you need help getting this documentation together.

There are no loan limits on the amount of money you can borrow for a VA loan, but they do set a cap for the amount that they guarantee. The amount depends on your location, and your loan officer can give you further assistance if this impacts your loan.