#Mortgage Basics
VA IrrI
The Veteran Administration’s Loan originated in 1944 through the Servicemen’s Readjustment Act; also know as the GI Bill. It was signed into law by President Franklin D. Roosevelt and was designed to provide Veterans with a federally-guaranteed home loan with no down payment. VA loans are made by private lenders like banks, savings & loans, and mortgage companies to eligible Veterans for homes to live in. The lender is protected against loss if the loan defaults. Depending on the program option, the loan may or may not default.
UP TO
NA
LTV - PURCHASE
100%
LVT - RATE & TERM
100%
LTV - CASH OUT
30%
YEARS FIXED
IO OPTIONS
County Specific
PRICE RANGE
In order to be eligible for a VA loan, a borrower must be a military veteran who meets certain eligibility requirements. These requirements include:
-
Having served a minimum amount of time in the military, depending on the era in which the veteran served. In general, veterans who served during wartime must have served at least 90 consecutive days of active duty, while veterans who served during peacetime must have served at least 181 days of active duty.
-
Receiving an honorable discharge from the military. Veterans who were discharged under dishonorable conditions or who were separated from the military for other reasons may not be eligible for a VA loan.
-
Meeting certain income and credit score requirements. In general, VA loan borrowers must have a sufficient income to support the mortgage payments and must have a credit score that is high enough to qualify for a mortgage. The specific income and credit score requirements will vary depending on the lender and the borrower's individual circumstances.
Who is eligible for a VA Loan?
#Apply For AV IRRL
STATES WE LEND IN
WORK WITH US
Looking for lending in a state not listed? We do lend in other states on a case-by-case scenario. Give us a call to see what we can do for you.