VA Home Loan
VA loans are backed by the U.S. Department of Veterans Affairs and come with great benefits, such as no money down and competitive interest rates. You also don’t have to have perfect credit, or even near-perfect credit to apply.
Who It’s For
Active military service members, honorably discharged veterans, National Guard and Reserve members, and spouses of fallen service members can get a VA loan if they meet the eligibility requirements.
No Down Payment
This is a huge advantage for veterans and service members and the single-largest benefit of the VA loan.
No Private Mortgage Insurance
VA loans do not require that you pay private mortgage insurance (PMI), which other loans do.
Competitive Interest Rates
VA loans have some of the lowest interest rates on the market, which can save you thousands.
Relaxed Credit Requirements
Credit scores are typically lower for VA loans than what you would need for a conventional mortgage.
- Active Duty Military: 90 consecutive days of service during wartime or 181 days of service during peacetime
- National Guard & Reserves: 6 years of service
- Spouses: Married to a service member who died in the line of duty or as a result of a service-related disability
What documents will I need to provide?
You’ll need to first obtain a Certificate of Eligibility (COE) from the Department of Veterans Affairs, which confirms for your lender that you qualify for a VA loan benefit. First, ask your lender if they can obtain the COE for you. Many lenders have access to a system that allows them to obtain it quickly. If your lender is unable to assist, you can also request a COE either online or by mail. You’ll find instructions on the Department of Veterans Affairs website.
If you are on active duty, you will need to obtain a State of Service signed by your unit commander or higher headquarters. The document must identify you and your social security number, show your date of entry, and reflect any time lost.
If you are a veteran, you will need to provide a copy of your DD Form 214 that identifies your condition of discharge.
For more details on the required proof of military service, you can reference the FAQs that the U.S. Department of Veterans Affairs provides online.
What types of property can I buy with a VA loan?
You can use a VA loan to purchase the same types of property that are eligible under other types of loans. That includes:
- Single-family homes
- Condominiums (must be located within a VA-approved complex)
- Manufactured homes (must be attached to land that you own)
- Modular or prefabricated homes (must be attached to a permanent foundation)
- New construction (builders, plans, and sites must be VA-approved)
Can I use my Basic Allowance for Housing (BAH) to qualify?
Yes, your BAH is considered a verifiable and reliable income. It's factored into your debt-to-income (DTI) ratio, which is a key factor that helps determine if you qualify for a VA home loan.
Can I get a VA loan more than once?
Yes, you can! VA loans are not a one-time benefit—they are designed to be used throughout your lifetime, and there is no limit on how many times you can be eligible. In some cases, you can even have multiple VA loans simultaneously (for example, if you decide to turn your home into a rental and buy a new primary home for yourself with your remaining entitlement).
We would like to thank Jeff Aguilera for the time and knowledge he provided my wife and I with a very smooth transition in the purchasing of our house. Our real estate agent Emily suggested we go with Jeff and he did not disappoint. So thank you very much, again Jeff. It was a true pleasure working with you.
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FHA loans are backed by the Federal Housing Administration and are especially popular with first-time home buyers.
VA loans offer great benefits, such as low interest rates and no money down, for active-duty military members, veterans, or sur viving spouses.
Private lenders offer conventional loans designed for those with good credit scores and a low debt-to-income (DTI) ratio.
USDA loans are designed for those interested in purchasing an affordable home that’s located in a rural area.
Some homes are priced above conventional conforming loan standards, and that’s where the jumbo loan comes in.