VA Loans

James Davis, Owner/Broker
James Davis, Owner/Broker

Core Benefits

A VA loan is a government-backed mortgage designed to help eligible veterans, active-duty service members, and surviving spouses purchase or refinance homes. Guaranteed by the U.S. Department of Veterans Affairs (VA), they are issued by private lenders and offer highly favorable terms. [1, 2]

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    No Down Payment: Borrowers can generally buy a home with 0% down, provided the sales price does not exceed the appraised value.

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    No Private Mortgage Insurance (PMI): Unlike conventional loans, VA loans do not require monthly mortgage insurance, saving borrowers hundreds of dollars a month.

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    Competitive Rates: VA loans typically offer lower, more competitive interest rates than conventional or FHA loans.

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    Capped Closing Costs: The VA limits the types of fees and closing costs lenders can charge.

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    Lifetime Benefit: The benefit is reusable, meaning you can use it multiple times as long as you have sufficient entitlement. [1, 2, 3, 4, 5]

General Eligibility

To qualify, borrowers must meet specific credit and income requirements set by the lender, and service requirements set by the VA, such as: [1, 2]

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    Active-duty service members with at least 90 continuous days of service.

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    Veterans with varying minimum service lengths depending on when they served (often 90 days during wartime or 181 days during peacetime).

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    National Guard and Reserve members with at least 6 years of service, or 90 days of active service (with at least 30 consecutive days).

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    Qualifying surviving spouses of veterans. [1, 2, 3]

A Certificate of Eligibility (COE) is required to prove you meet the service prerequisites and can be obtained via a lender or through the VA.gov Home Loans portal. [1]

If you're exploring this for yourself, I can help you:

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    Review specific VA Home Loan Basics to see if your term qualifies

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    Understand the VA Home Loan Entitlement limits for your specific area

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    Find out how to start the process using Veterans United guides

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