VA Mortgage2016-12-28T16:04:43-06:00

What is a VA mortgage?

A VA mortgage is a loan guaranteed by the Veterans Administration. To obtain a VA mortgage you must be an eligible veteran the benefit to the veteran is that no down payment is required and there is no monthly mortgage insurance the VA program even allows the seller to pay all closing costs allowing the veteran to get into a home with little to no money out-of-pocket.


Which veterans are eligible?

To obtain a VA loan veteran must have a certificate of eligibility. To qualify for a certificate of eligibility the veteran must fulfill a minimum service obligation. This service is 91 days during wartime, hundred and 81 days for veterans who began their service before September 7 of 1980 and two years consecutive service for vegged for veterans who service period started after September 7, 1980.

National Guard and reserve members qualify after six years of consecutive duty.

Surviving spouses of deceased military veterans may also be eligible.


Eligibility versus qualifying.

If the veteran meets the required eligibility periods they must still qualify for the mortgage.  This means their income has to be sufficient to support the payment.  Liabilities such as credit cards, car payments,  alimony and child support etc. can’t be excessive according to the VA formulas.  The veterans credit must be acceptable according to the VA and lender standards.