VA Loan Eligibility

There are more than 25.5 million Veterans and service personnel eligible for VA financing, and the VA Loans offer many advantages. Keep in mind that VA Loans are only for Veterans who served on active duty and have a discharge other than dishonorable after serving a minimum of 90 days during wartime or a minimum of 181 continuous days during peacetime. There is a six-year requirement for the National Guard and Reservists with certain criteria. If you meet the these requirements, you are lucky enough to be eligible to pre-qualify for VA Home Loan.

If you are a first-time homebuyer and eligible for a VA Loan think about the following:

• With a VA Home Loan, you can buy a new home for up to $417,000 with no down-payment and get the same low VA Loan interest rate.
• With a VA Loan, the seller is allowed to pay all of your closing costs.

The following are other important facts you should know when looking at getting a VA Home Loan:

• All qualified Veterans have an equal opportunity to obtain a VA Loan.
• Va Loans do not require a down payment.
• With Va Loans, the uyer informed of reasonable value.
• VA Loans have a negotiable interest rate.
• VA Loans offer the ability to finance the VA funding fee and offer reduced funding fees with a down payment of at least 5%. Veterans receiving VA compensation are exempt from the funding fee.
• VA Loans offer comparable if not lower closing costs to other financing types
• VA Loans do not require mortgage insurance, saving you money on premiums
• VA Loans offer an assumable mortgage
• VA Loans give you the right to prepay without penalty .
• For homes inspected by the VA during construction, you can get a warranty from the builder and assistance from the VA to obtain cooperation of the builder
• The VA offers assistance to Veteran borrowers in default on their VA Loan due to temporary financial difficulty