The Veterans Affairs—or VA—loan, explained
A VA loan is a mortgage loan issued by VA-approved lenders and insured by the U.S. Department of Veterans Affairs. Because the government guarantees these loans, veterans, and active-duty military personnel and their families are able to buy and refinance homes with low to no down payments.
Characteristics of a VA loan.
- Borrowers must be veterans, actively serving in the military, or the surviving spouse of a military member
- Low to no down payments for eligible veterans
- No requirements to carry private mortgage insurance
- Borrowers may buy a home needing repairs and include the cost of those repairs in the VA mortgage
Do you qualify for a VA loan?
According to the U.S. Department of Veterans Affairs, you’re eligible for a VA loan if you have “suitable credit, sufficient income, and a valid Certificate of Eligibility (COE).” Read more about the VA’s eligibility requirements here.
Unsure of whether you qualify? Give us a call at 866-612-5050, or email us to arrange a free consultation today. An experienced Guarantee Loan Advisor will be glad to answer your questions and let you know if you qualify for a VA loan. We will also help you obtain your Certificate of Eligibility, and get you preapproved or prequalified by a VA-approved lender.