Your VA Loan questions answered

A VA Loan is a mortgage option offered by private lenders that is partially backed, or guaranteed by the Department of Veteran Affairs. Because the VA backs the loan, it gives private lenders the confidence to offer a $0 down payment with great rates and no required Private Mortgage Insurance.

Quite simply: it’s the most resourceful home loan program available to veterans, service members, and military families in the United States right now.

Guaranteed by the U.S. Department of Veteran Affairs (VA), a VA Loan is a mortgage loan that is issued by approved lenders and then guaranteed through the VA.

The Department of Veterans Affairs has mandated requirements for qualifying for VA Loans today. To be eligible for these loans, veterans, active-duty service members, National Guard members, and those on the reserves list must meet these requirements.

Additional income requirements needed to obtain a VA loan, include: Residual Income, Credit Score, Debt-to-Income Ratio and Other Factors

Typically speaking, there are four steps required in the VA Loan eligibility process: Do your VA Loan homework, Contact a VA-approved lender to start the application, Obtain your COE and Supplement all necessary documentation to the lender.

Veterans are provided a variety of financing options, each equipped with their own characteristics today. For those who are active duty, the Home Loan Expert recommends opting for the federally-supported VA Loan due to its distinct advantages and affordability when compared to conventional loan options today.

Purchasing your first home is both an exciting and stressful experience – for just about everyone. First-time home buyers have the added stress of not knowing the market and needing third-party support to make sure you’re getting the best deal. This is why our representatives are available to you around the clock, ready to answer any first-time home buying-related question.

The VA Home Loan program provides qualified veterans and select spouses with a route to homeownership that doesn’t require down payments today. But even more amazing, military homeowners can get cash-back on a VA refinance, using that money for a variety of needs like home improvements and investments.

Once you’ve decided on the home you want to own, and have completed the contract for the property, our Loan Officer will walk you through the rate selection process. We will be able to provide you with more accurate information after the underwriter has reviewed your case and closing date.

We promptly review your credit inquiries, bank statements, and other related documents to determine if you’re carrying any debt that was not disclosed with the initial paperwork. During the time period you apply for the loan, we advise that you do not apply for any new debts, which would include buying or leasing a vehicle, refinancing other notes, etc. Before you do anything, please consult with us.

VA loan rates change daily based on a number of factors, the first being the market conditions, and on top of these – VA loans have the backing of the federal government, so lenders are able to slap on competitive interest rates for the borrowers.