WHAT IS A VA LOAN?

Here at The Integrity Team, we are very thankful for the men and women who protect and serve our county. We love to help veterans on their home financing utilizing a VA mortgage loan. A VA loan is a mortgage loan that is 25% guaranteed by the United States Department of Veterans Affairs. A VA loan is only offered to veterans with entitlements given from the United States Department of Veterans Affairs. Typically, the United States Department of Veterans Affairs will grant entitlement if the following requirements are met:

• More than six years of service in the National Guard or Reserve

• 181 days during peacetime

• 90 consecutive days during wartime

Additionally, spouses of veterans who died in the line of duty or from a service-connected disability may meet the eligibility requirements.

AM I THE RIGHT FIT FOR A VA LOAN?

VA loans do not have a credit score requirement. VA loans typically analyze an entire borrower profile to determine if qualified, not just credit score. Additionally, they have a maximum debt-to-income requirement of 41% (manual underwriting guidelines) and offer a 0% down payment requirement. Instead of having private mortgage insurance or a mortgage insurance premium, VA loans have a one time VA Funding Fee that is applied to the balance or paid at closing, unless you are classified as 10% or more disabled by the VA. This makes a VA loan a great option for veterans who are looking to avoid monthly mortgage insurance. The best way to determine if you are a good fit for a VA loan would be to schedule a consultation with a certified mortgage planner. You can contact us to schedule an appointment here!

VA LOAN TIPS:

VA loans can be great options even if you have a down payment

VA loans have awesome refinance opportunities

VA loans are assumable

Too see if an FHA loan is a good option for you, click here to schedule a consultation with a certified mortgage planner.

*Please visit our Disclosures page for more details for all loan types.