What is a VA Loan?
A Department of Veterans Affairs loan is a special loan available to veterans, members of the military and surviving spouses of veterans. Unlike conventional loans, fees are limited by the government on a Veteran Loan, and no private mortgage insurance is required. VA Loans are available as a Fixed-Rate Mortgage, Adjustable Rate Mortgage, or a Home Refinance. Refinance up to 100% of your home, or purchase a new home.
What do you need to be eligible?
According to the U.S. Department of Veteran Affairs, “You must have suitable credit, sufficient income, and a valid Certificate of Eligibility (COE) to be eligible for a VA-guaranteed home loan. The home must be for your own personal occupancy. The eligibility requirements to obtain a COE are listed below for Service members and Veterans, spouses, and other eligible beneficiaries.”
Steps for buying with a Veteran loan:
- Contact your local lender to see what Veteran loan options they have.
- Get a certificate of eligibility
- Find a home of your liking and sign a purchase agreement
- Apply (get pre-approved in step 1 or 2)
- Wait for the loan to be processed and approved
- Close and enjoy your new home!
If you would like more information about our VA Loan program, feel free to call us NOW at (858) 500-4638 or apply here!
U.S. Department of Veteran Affairs: http://www.benefits.va.gov/homeloans/purchaseco_eligibility.asp