VA Loans

You must have suitable credit, sufficient income, and a valid Certificate of Eligibility (COE) to be eligible for a VA-guaranteed home loan. The home must be for your own personal occupancy. The eligibility requirements to obtain a COE are listed below for Service members and Veterans, spouses, and other eligible beneficiaries.
VA home loans can be used to:

  • Buy a home, a condominium unit in a VA-approved project.
  • Build a home.
  • Simultaneously purchase and improve a home.
  • Improve a home by installing energy-related features or making energy efficient improvements.
  • Buy a manufactured home and/or lot.
Who Is Eligible for a VA Loan?

    Veterans
    Active-duty personnel
    Reservists/National Guard members
    Some surviving spouses

What Are the Benefits of a VA Loan?

There are many, as taken directly from the Veterans Affairs site:

  • No down payment required (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 percent 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.