VA Loans - A Comprehensive Guide for Eligible Veterans and Service Members
Our mission is to provide you with the information and resources you need to make an informed decision about using your VA home loan benefit. Whether you're a first-time homebuyer or a seasoned homeowner, a VA loan may be the right choice for you.
What is a VA Loan?
A VA loan is a mortgage loan that is guaranteed by the U.S. Department of Veterans Affairs (VA). This program was created in 1944 to help veterans, active-duty service members, and their surviving spouses purchase homes.
VA loans offer several benefits over other types of mortgages, including:
- No down payment required: VA loans do not require a down payment, which can be a significant financial benefit for those who may not have the funds to make a substantial upfront payment.*
- Lower interest rates: VA loans typically have lower interest rates than conventional mortgages, which can save you thousands of dollars over the life of your loan.
- No private mortgage insurance: Since VA loans are government-backed, they do not require you to pay private mortgage insurance, which can add hundreds of dollars to your monthly mortgage payment.
- Easier credit requirements: VA loans have more lenient credit requirements than conventional mortgages, making them easier to qualify for if you have less-than-perfect credit.
Who is Eligible for a VA Loan?
To be eligible for a VA loan, you must meet certain criteria...
- Active duty service members (minimum 90 consecutive days during wartime or 181 days during peacetime)
- National Guard and Reserve members (minimum six years of service)
- Spouses of service members who have passed away as a result of their service or sustained a service-related disability may also be eligible.
How to Apply for a VA Loan
To apply for a VA loan, you will need to obtain a Certificate of Eligibility (COE) from the VA. This document verifies your eligibility for the loan and will be required by your lender.
Once you have your COE, you can begin the process of finding a lender and applying for a loan. Security First Financial has experienced loan originators who specialize in VA loans and can guide you through the process. To get started, you can fill out our online application or contact us directly.