What is a VA Loan?
VA loans are government-backed loans that help Veterans and active military purchase homes. Backed by the U.S. Department of Veterans Affairs (VA), this program makes it easy for veterans to qualify and to receive great benefits such as 100% financing and low rates. You may be able to get a very competitive rate for this type of loan and pay less than with another comparable mortgage. Since this is a government-secured loan available specifically to veterans and military, you must obtain approval to apply for a VA loan. To get VA Loan advice and rates from an experienced professional, call Nancy Meek at VIP Mortgage Inc.
Find Benefits in VA Loans
VA loans are unique since they allow for a 0% down payment. These loans help ensure that people who have served our country have access to affordable home financing. The VA loan program provides security for lenders, making it less risky and appealing to provide funding.
This loan program does not have stringent income threshold requirements compared with others. VA loans are also known to have some of the lowest interest rates. The VA loan program can limit how much you have to pay in closing costs, as well. You can also refinance the home you purchase, if needed, in the future.
Easy Process to Qualify
To qualify for a VA loan, you will need to secure a Certificate of Eligibility (COE). This easy process requires that you submit documentation that shows you or your spouse served in the United States. Once you have the correct documentation, the process may take minutes to complete. In most cases the VA will guaranty a loan up to $453,000 although this may be higher in some areas. It is important to note that obtaining a COE does not guarantee you will be approved for a home loan. It is only used to prove to your lender that you are eligible to apply for the loan.
You can find out if you are eligible for a VA loan. To determine eligibility, check if you meet one or more of the following conditions:
- You have served 181 days of active service during peacetime;
- You have served 90 days of active service during wartime;
- You have more than six years of service in the National Guard or Reserves;
- You are a Veteran who was discharged because of a service-related injury;
- You are the spouse of a service member who has died in the line of duty or because of a service-related disability or who was declared MIA or POW.
Find your VA Loan Today
Nancy Meek and VIP Mortgage Inc. enjoy working with Arizona Veterans to realize the dream of homeownership with a VA Loan. Nancy is a trusted professional here to help you meet your goals. Call her Scottsdale, AZ office today!