VA

VA Loans

VA loans are available to veterans, active-duty military personnel, and eligible surviving spouses. They’re supported by the federal government and provided to borrowers by private lenders. The government guarantees a portion of the loan, enabling lenders to offer more favorable terms. Borrowers are eligible if they have served on active duty and have an honorable discharge, after a minimum of 90 days of service during wartime, or after a minimum of 181 continuous days of peacetime. VA loans are offered with a fixed- or adjustable-rate.

What are the biggest benefits of a VA loan?

• VA loans come with a no down payment option; this may make it easier for you to become a homeowner and save money on upfront costs.
• VA loans often have lower interest rates than conventional products, which can save you money on monthly payments and overall loan costs.
• No monthly mortgage insurance is required, which could save you hundreds of dollars each month and reduce the overall cost of your mortgage.
• Lifetime benefit.

Qualifications for a VA loan

To qualify for a VA loan, you must have sufficient credit and income and a valid Certificate of Eligibility (COE). If you are unsure if you meet these requirements, be sure to check with your neighborhood Mortgage Advisor. They’ll be able to look at your specific situation and help you figure out the best next step.