Do You Qualify For a VA Mortgage? Find Out Here
VA loans are home mortgages available to borrowers who are presently serving or have previously served in the US military. Actually the VA – the Department of Veterans Affairs – doesn’t lend the money for the loans but they do back up loans that private lenders make to qualifying veterans.
Who Qualifies for VA Loans?
• Currently serving duty military personnel
• Members of the National Guard
• Qualified surviving spouses
Benefits of VA Mortgages
• Up to 100% financing available – no down payment required in many cases
• Interest rate is negotiable
• Fixed rate and adjustable rate loans are available
• Easier qualification than for conventional loans
• No mortgage insurance is required
• Mortgage is assumable
• Can pre-pay without any penalty
• The VA will help veterans who have defaulted due to temporary financial problems
How to Get a VA Mortgage
Qualifying veterans can get a VA loan through lenders that take part in the VA home loan program. The will need to get a Certificate of Eligibility from the VA in order to demonstrate to the lender that they qualify for the loan. The lender can get the certificate from the VA as a favor to the borrower.
How Large Can VA Loans Be?
Generally speaking there is no upper limit to a VA mortgage. However there are limits by county that are used to figure the maximum amount that will be guaranteed for any particular county. Usually a qualifying veteran can get a no-money-down loan as high as $417,000. In some expensive areas the loan can be as high as $1,094,000.
VA Loans are a great way for former and current military personnel to buy the home of their dreams. If you are a veteran you probably qualify for this type of loan.