What is a VA Home Loan?
This loan product helps qualified veterans, reservists, active-duty service members, and their spouses take advantage of zero down-payment requirements and low mortgage rates.
Eligible borrowers can buy or construct a home or refinance an existing home loan (up to 100% LTV) with no monthly mortgage insurance premiums.
A VA Home Loan is a great benefit to those who have served our country. It not only provides them with the opportunity to own their own home but also does so with some very favorable mortgage terms.
How Do You Qualify for a VA Home Loan?
In order to qualify, you must meet one of the following conditions:
Have served at least 90 continuous days on active duty during wartime, OR
Have served at least 181 days of active duty during peacetime, OR
More than 6 years of service in the National Guard or Reserves
In addition, you must meet the following credit criteria:
A satisfactory credit history
Have a stable monthly income
Have Onshore Mortgage obtain a Certificate of Eligibility from the VA
How Does a VA Home Loan Work?
A VA home loan is a mortgage that is guaranteed by the United States Department of Veterans Affairs (VA). The VA does not actually lend the money for the mortgage, but they do insure the loan in case the borrower defaults.
This insurance allows lenders to offer more favorable terms to borrowers, including zero down-payments and low-interest rates.
How to Apply for a VA Home Loan?
In order to get a VA home loan, you will need to apply through a VA-approved lender. These lenders are experienced in working with VA loans and can help you through the entire process.
If you are currently in the military or have been in the past, a VA home loan may be a great option for you. With favorable terms and no down payment required, it can be an easy way to purchase your dream home.
What Documents Are Required for a VA Home Loan?
When you apply for a VA home loan, there are a few different things that you will need to provide in order to complete the application process.
You will need to provide proof of your military service. This can be in the form of your DD214, or if you are still on active duty, a statement of service.
Provide evidence of your financial history. This includes tax returns, bank statements, and pay stubs.
Obtain a Certificate of Eligibility
Appraisal completed by a VA approved appraiser ordered through Onshore Mortgage.
How Many Times Can You Use the VA Home Loan?
You can use your VA home loan benefits multiple times. However, you have to keep this in mind:
You will need to sell your previous home before taking out another VA loan.
Outstanding balances on your first VA loan must be paid in full before you can take out another one. This can be done as a “same day” transaction (sale then new purchase).
If you're considering a VA home loan, be sure to contact Onshore Mortgage to learn more about the process and how to qualify.
*Credit and income restrictions do apply. Please visit our Disclosures page for a detailed breakdown of all loan types.