Do You Qualify for a VA Mortgage?

The Veterans Administration created its own loan program in 1944, which became part of what is known as the GI Bill of Rights. This loan program was created to assist veterans of war become home owners. The program has become a success and has helped many of our clients purchase homes.

 

If you are a veteran, there are many benefits to using a VA loan.

BENEFITS

1. No down payment required
   
2. Closing costs must be paid by the seller
   
3. VA loans are insured by the government against default
   
4. No private mortgage insurance required
   
5. No prepayment penalties
   
6. Can apply for an "interest rate reduction loan" (which allows veterans to refinance to a lower rate with little or no out-of-pocket expenses)
   

WHO QUALIFIES FOR A VA MORTGAGE?

1. Active military personnel
   
2. Veterans
   
3. Reservists
   
4. Members of the National Guard
   
5. Unmarried spouses of a qualifying member of the armed forces who died as a result of serving in the military, who meet the following qualifications:
   

• Veterans must have served a minimum of 90 days during wartime in World War II, the Korean Conflict, or the Vietnam War. Peacetime service requires at least 181 continuous days of military service.
  
• Enlisted veterans who began their service after September 7, 1980, or officers who began their service after October 16, 1981, must have served at least two years.
  
• National Guard or Reservists need to have served a minimum of six years.
  
• No one who has been dishonorably discharged is eligible.
  

There are additional criteria for military personnel who have served in Afghanistan and Iraq. Speak with a lender about the specifics of a VA mortgage and any other mortgage you might be considering. If you have questions about a VA mortgage you can call us at (520) 247-4459 or E-Mail Us and we can provide you with a list of lenders who can assist with VA mortgages.