The VA loan offers a number of amazing benefits to eligible Veterans and current service members.
VA Loan Benefits
The signature benefit of the VA Loan. Veterans using their VA loan can purchase a home with no down payment and no private mortgage insurance. This benefit alone opens the door to homeownership for many Veterans who wouldn’t qualify for other loan products requiring a substantial amount of cash reserves.
Flexible Credit Standards
Between deployments and frequent moves, it can be difficult to maintain perfect credit. The VA loan offers flexible credit standards that remove barriers to homeownership Veterans may face with other loan products.
Lower Cost Mortgage
VA buyers can save on their monthly mortgage payment with interest rates that have historically been lower than other mortgage products. THey can also save on the transaction because the VA limits the closing costs a buyer can pay when obtaining a VA loan.
Who is Eligible?
The VA determines eligibility based on time in service and character of discharge. Current service members, Veterans, surviving spouses and other eligible candidates who meet the criteria below may be eligible for VA loan benefits:
- 90 days of active duty service during wartime
- 181 days of continuous active duty during peacetime
- 6 years of service in the National Guard or Reserves
- Surviving spouse who meets all VA criteria
- Other eligible beneficiaries who meet VA criteria
For full details on benefits and eligibility, visit www.benefits.va.gov/homeloans
Are you a Veteran looking for more information?
Visit www.VeteransAgent.com to learn more about utilizing your VA loan benefits today!