VA Loan

VA Home Loans are Va Home Loanavailable for those who are either currently serving in the United States military or who have served in the past. This type of loan makes owning a home more affordable for those who have served their country.

What Is A VA Loan?

The VA loan program is offered by the Federal Department of Veterans Affairs. They are made by private lenders and are guaranteed by the government. This means the lend is protected against loss if the loan is not repaid and therefore the financing terms are very favorable for the buyer.

Through the program, veterans can purchase a home for their own personal occupancy with no down payment and may possibly get a lower interest rate. Veterans are required to furnish the required paperwork regarding their military service and comply with the proper application process.

VA loans can be used to refinance a property purchased under the VA program, used to purchase specially adapted properties for those with service-related disabilities, and help Native American veterans purchase property on tribal-held land.

To obtain a VA loan, you must meet one or more of the following conditions:

• You have served 90 consecutive days of active service during wartime, OR
• You have served 181 days of active service during peacetime, OR
• You have more than 6 years of service in the National Guard or Reserves, OR
• You are the spouse of a service member who has died in the line of duty or because of a service-related disability.

FAQ about VA Loan Eligibility

Benefits of a VA Loan

VA Loan

• Equal opportunity.
• No down payment (unless required by the lender or the purchase price is more than the reasonable value of the property).
• Buyer informed of reasonable value.
• Negotiable interest rate.
• Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5% and exemption for veterans receiving VA compensation).
• Closing costs are comparable with other financing types (and may be lower).
• No mortgage insurance premiums.
• An assumable mortgage.
• Right to prepay without penalty.
• For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder.
• VA assistance to veteran borrowers in default due to temporary financial difficulty.

Required Documents

If currently serving in the military, the applicant must go to their commander, personnel office or adjutant to secure a Statement of Service and the Certificate of Eligibility (COE). Those no longer in the service must furnish the DD-214 and the Certificate of Eligibility (COE).

You can apply for a Certificate of Eligibility by submitting a completed VA Form 26-1880, Request For A Certificate of Eligibility, to the Winston-Salem Eligibility Center, along with proof of military service.

Entitlement and Loan Limit

Lenders will generally lend up to 4 times the amount of the basic entitlement ($36,000) with no down payment required. For loans in excess of $144,000, additional entitlement is available. We can help you determine how much is available for you, but simply put, you may currently (2017) be able to get a VA guaranteed loan for up to $424,100.

Let Us Help You Get a VA Loan

As a VA loan specialist and veteran Marine, mortgage broker Jimmy Vercellino has helped hundreds of veterans obtain home loans. Call today and we’ll help you navigate the process of getting a VA loan for the house of your dreams.

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