Veterans Administration home loans are a terrific home mortgage option with many benefits over conventional and FHA mortgages. VA loans provide an excellent financing opportunity and true benefit for the veteran. But like many government-sponsored programs, this opportunity comes with plenty of red tape and hoops to jump through.
Why Choose a VA Loan?
A veteran or active duty service person can buy or refinance a home with ‘make-sense’ underwriting, reasonable credit and income requirements, very low interest rates and no required down payment. The VA loan, more than any other, includes guidelines to protect the veteran or service person’s rights and pocket book. The costs that can potentially be charged are closely controlled and the value and condition of the property is looked at carefully. There is no maximum loan amount for a VA loan and an eligible buyer can keep their current home and VA mortgage, and buy another without having to sell or refinance the first property.
Who Qualifies for a VA Loan?
Active duty, discharged and retired service persons from any of the following are eligible if you meet basic qualifying criteria for a VA home loan.
Pick a Lender to Help Guide You through the VA Process
PrimeLending has helped thousands of veterans and active duty members get into homes each year. Although the process can be challenging, we’ll run the interference between the Veteran and their home. Our smooth, professional process from start to finish sends automatic milestone alerts and status updates along the way. Each customer works with a dedicated home loan expert to understand their loan options and provide personal attention every step of the way. We lock, approve and close loans quickly, and at competitive rates.
Simple Steps to Getting into your Home
- Provide us with your application information including income, assets, debt and credit.
- Provide us with your Service Statement if Active Duty, DD214 if discharged or retired, or Report of Service and Record of Service if Army or Air National Guard, Reserves or Coast Guard.
- We will apply for your Certificate of Eligibility.
- Select a property.
- Perform all inspections.
- We will order an appraisal to determine the market value.
- We will process and underwrite your loan keeping you informed of our progress.
- Underwriter approves the loan.
- Closing is scheduled with Title Company or attorney.
- Bring your ID to closing.
Whether you’re active duty, long retired, or already have a VA loan, we can help you get the most from your benefit. Contact a PrimeLending loan officer in your area today to get started.