VA Loans

Who Qualifies for VA Loans?

     There are several different standards you must meet to qualify for a VA loan. If you are not sure if you will qualify, you should speak with a VA loan professional. One of the first steps towards getting a VA loan is to complete a Certification of Eligibility. (You can find this form on the "Printable Forms" page)

Criteria to Qualify for a VA Loan:

• Active-duty veterans discharged during WWII or later, without the status of "dishonorable"
• Active-duty veterans with at least 90 consecutive days of service during major conflict
• Peacetime veterans and active duty personnel with at least 180 days of consecutive service
• Enlisted veterans whose service began after 1980 or officers whose service began after 1981 and who have served at least 2 years

National Guard and Selected Reserve members may also qualify.

What Can I do With a VA Loan?

     You can use your VA loan to purchase a house, condominium, or townhouse. You can also build a home, make energy-efficient home improvements, or refinance your mortgage.

Why Would I Want A VA Loan?

There are several reasons why a VA loan may be preferable to a standard loan.  Most important, if you qualify, you may obtain a VA loan even if you do not qualify for other loans. There may be no down payment required for a VA loan, depending on the lender. VA loan rates are often lower interest rates than conventional loans, and many times you can negotiate the interest rate with the lender. There are no mortgage insurance premiums on VA loans, and assumable mortgages are permitted. Closing costs can be lower than other forms of financing, and there is no penalty for prepaying your mortgage. In addition, VA assistance is available to those who qualify if temporary financial difficulty occurs.

How Much Money Can I Borrow?

     The VA does not put a cap on how much money you can borrow, this is determined by the lender, typically a bank, savings and loans, or mortgage company. The basic entitlement of a VA loan is $36,000, but some loans are eligible for $60,000 if they are over $144,000. A lender will often loan up to four times the amount of the basic entitlement without requiring a down payment.

     Limit increase! Although there is no set maximum limit the VA allows you to borrow with your entitlement, most lenders and financial institutions will not approve a total of over $417,000. Lenders typically sell VA loans in a secondary market, where the cap for a loan limit is $417,000.

     Veterans who have already taken out a VA home loan in the past may be eligible for remaining entitlement for any unused previous balance. Because entitlement amounts have increased over time, many people with prior VA loans may be eligible for more money now than they were previously. Complete our form or call us today to find out if you qualify.

VA Loan History