VA LOANS
.png)
The government guarantees a VA Loan sanctioned by the Department of Veterans Affairs. The government does not provide the loan, but the fact that it is backed by a government agency makes lenders feel more comfortable issuing these loans because they take on less risk than a regular mortgage. As a result, it is feasible to obtain a VA loan with no down payment and occasionally with less stringent credit requirements. While you must still fulfill certain conditions and the lender must accept you, if you qualify for a VA loan, it can help you achieve homeownership with less money than you would otherwise need in the bank.
VA LOAN REQUIREMENTS
You are presently on active military duty or a veteran who was honorably discharged and completed the required minimum service.
You may be eligible for a VA loan if your spouse died in the line of service.
​
You served at least 90 consecutive active days during a war or at least 181 consecutive days during peacetime.
​
You must get a VA Certificate of Eligibility or COE. You will not be able to obtain your loan until you have this certificate.
You served in the National Guard or Selective Reserve for more than six years
​
.png)
Veterans must furnish a DD Form 214, while active-duty military members must present a signed declaration of service. A service statement should include the following information:
​
-
Full name
-
Date of birth
-
Social Security number
-
The date you started duty
-
Any lost time
-
Name of the command providing the information
Basic Entitlement: up to $36,000 for loans under $144,000, or 25% for loans beyond that level.
.png)
Bonus Entitlement: up to 25% of the loan ceiling set by the Federal Housing Finance Agency (FHFA), less the basic entitlement.
