what is a va mortgage loan?
TRANSCRIPT
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WHAT IS A VA MORTGAGE LOAN?
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A VA mortgage loan is a benefit earned by members of the military, both active and former, and surviving spouses, one benefit that they will be able to take advantage of is being a member of the Veteran’s Association.
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One of the primary advantages of being a member of the VA is being able to take out a mortgage through the VA. VA home loans differ from traditional mortgages in a number of different ways.
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The Veteran’s Association is comprised of:Members of the military
Both active and formerSurviving spouses
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One major benefit they have earned is being able to qualify for a VA mortgage loan which is different from traditional mortgage loans in several ways.
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SERVICE QUALIFICATIONS
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The primary difference between a VA home loan and other mortgages is that there is a service qualification that needs to be met.
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To qualify for a VA mortgage, a member will need to have had at least:
181 days of active service during peacetime
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have been a member of the reserves for at least 6 years
90 days of active military service during wartime
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Surviving spouses whose spouse passed away in the line of duty, or later due to an injury sustained in the field, will also be eligible to qualify.
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OTHER QUALIFICATIONS
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Similar to traditional mortgages, VA home loans have various underwriting guidelines that need to be followed.
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However, these guidelines are not typically as strict as most other home loans. One of the reasons is because a VA loan is guaranteed by the U.S. government.
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Borrowers will need to be able to prove that they have a consistent source of income showing they will be able to support their new mortgage payments.
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While credit scores will be factored into the underwriting process, when it comes to determining approval for the loan, the credit score requirements are a little less stringent with the VA loan process.
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WHERE TO GET A LOAN
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While there are hundreds of mortgage lenders and banks across the country that offer traditional mortgages to consumers, not all banks will be certified to provide VA home loans.
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All VA home loans are guaranteed by the Veteran’s Association, which means that they are low-risk to the banks.
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To qualify to provide these loans, all banks will need to be approved by the VA first to ensure their ability to meet the demand and needs of veteran borrowers.
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Most major banks and mortgage companies will advertise openly if they can offer VA loans.
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DOWN PAYMENT AND COSTS
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One of the primary benefits for borrowers of a VA home loan is that they can get a loan that does not require a down payment.
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Furthermore, VA borrowers who do not have to come up with a down payment will not be required to pay private mortgage insurance, which is largely due to the VA guarantee on every loan.
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However, there are some closing costs and funding fees to be paid at closing out of pocket by the borrower.
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TYPES OF LOANS AVAILABLE
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In general, the types of loans that are available to veterans are similar to the types of loans that are available to the average consumer.
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VA lenders will typically offer fixed-rate mortgage and variable-rate mortgages that range from 10 to 30 years in length.
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Borrowers of VA loans will be able to use a mortgage for a refinance, to take cash out, and even to receive a second mortgageon their home.
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Mortgage Originator Jimmy Vercellino, specializing in VA loans, helps veterans use their VA loan benefit to their greatest advantage.
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Be a proud homeowner today. For more details call 480-351-5904 or visit the site www.valoansforvets.com
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VA Loans for Vets7600 E. Doubletree Ranch Road #200 Scottsdale, AZ 85258Phone: (480) 351-5904Email: [email protected]
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