What Is a VA Home Loan?
Managed by the US Department of Veterans Affairs, this is a government-backed loan provided by private lenders as part of the VA home loan program. Qualifying veterans can enjoy low interest rates, no down payment requirement, and no private mortgage insurance. The lender is assured that they will make back a portion of the loan should the borrower default.
Benefits of VA Loans
A VA loan does not require a minimum down payment, making home buying far more affordable for veterans. Instead of private mortgage insurance (PMI), you’ll pay a one-time VA funding fee at your loan’s onset, reducing your monthly mortgage payments significantly. Additionally, mortgage companies often have a more relaxed debt-to-income ratio (DTI) and credit score requirements for service members, making using your VA loan benefit easier.
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Get a quoteVA Loans Requirements
How does a VA home loan work? Firstly, you need to apply for a Certificate of Eligibility (COE) from the US Department of Veterans Affairs, demonstrating that you are eligible for a VA loan entitlement. This eligibility is based on the length of your military service and the nature of your discharge if you are no longer in the service. Active duty service members and National Guard members will receive their VA home loan benefit after serving for the required time. We can help you obtain your COE with your SSN, date of birth, and DD214.
After you have proof of your full VA loan entitlement, the mortgage process acts similarly to a conventional mortgage. You will find a mortgage lender, submit an application, and provide your paperwork, including your COE and financial documentation. You’ll then work with a real estate agent, find the perfect home, and close on your dream property.
Why Choose Arnaiz Mortgage
VA mortgages are more accessible than ever when working with Arnaiz Mortgage. We seek out the most competitive interest rates on your behalf, whether from a private lender or credit union and will guide you through the process. Additionally, we’ll seek out helpful programs that can reduce the cost further, such as for those with a service-connected disability who may qualify for additional help. We’re your partner in VA loans and will be here for you throughout the life of your loan, including when you’re ready to explore loans.