VA Loans

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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.