VA Loans

Easier credit approval

VA loans are among the easiest loans to qualify for with more relaxed guidelines for veterans

Lower monthly payments

Lower interest rates and no mortgage insurance mean you save more money every month

No down payment

Bring 0 to closing. Seller and loan credits can pay for all closing costs

 

If you have ever served in any branch of the U.S. military, including as a Reserve, National Guard, or Coast Guard, you are likely eligible for a Veterans Administration Loan (VA loan).

Even if you have already used your loan benefits in the past, we can assist in restoring your entitlement so you can buy a home or refinance again.

 

Advantages of a VA Loan

 

  • No down payment is required in most cases for Purchases.

  • Loan maximum may be up to 100 percent of the VA-established value of the property.

  • No monthly mortgage insurance premium to pay.

  • VA loans are assumable on sale or transfer.

  • Limitation on buyer’s closing costs.

  • An appraisal which informs the buyer of property value.

  • Thirty year loans with a choice of repayment plans:

      • (1) Traditional fixed payment: Constant principal and interest; increases or decreases may be expected in property taxes and homeowner’s insurance coverage.

      • (2) Hybrid ARM product: Newly offered by the VA so you may choose between a fixed rate or an adjustable rate.

VA Loan Eligibility Requirements

Veterans who served on active duty and were discharged under conditions other than dishonorable, during World War II and later periods are eligible for VA loan benefits. World War II (September 16, 1940 to July 25, 1947), Korean conflict (June 27, 1950 to January 31, 1955), and Vietnam era (August 5, 1964 to May 7, 1975) veterans must have at least 90 days service. Veterans with service only during peacetime periods and active duty military personnel must have had more than 180 days active service. Veterans of enlisted service which began after September 7, 1980, or officers with service beginning after October 16, 1981, must in most cases have served at least 2 years of continuous active duty or the full period (at least 181 days) for which you were ordered or called to active duty and been discharged under conditions other than dishonorable, or have completed at least 181 days of active duty and been discharged under the specific authority of 10 USC 1173 (Hardship), or 10 USC 1171 (Early out), or have been determined to have a compensable service-connected disability; or have been discharged with less than 181 days of service for a service-connected disability. Individuals may also be eligible if they were released from active duty due to an involuntary reduction in force, certain medical conditions, or, in some instances for the convenience of the Government.

If you served on active duty during the Gulf War, you must have completed 2 years of continuous active duty or the full period (at least 90 days) for which you were called or ordered to active duty, and been discharged under conditions other than dishonorable; or completed at least 90 days of active duty and been discharged under the specific authority of 10 USC 1173 (Hardship), or 10 USC 1173 (Early out), or have been determined to have a compensable service-connected disability, or have been discharged with less than 90 days of service for a service-connected disability. Individuals may also be eligible if they were released from active duty due to an involuntary reduction in force, certain medical conditions, or, in some instances, for the convenience of the Government.

Current Active Duty

If you are now on regular active duty (not active duty for training), you are eligible after having served 181 days (90 days during the Gulf War) unless discharged or separated from a previous qualifying period of active duty service.

National Guard/ Reserves Service

If you are not otherwise eligible and you have completed a total of 6 years in the Selected Reserves or National Guard (member of an active unit, attended required weekend drills and 2-week active duty for training) and were discharged with an honorable discharge; or were placed on the retired list; or were transferred to the Standby Reserve or an element of the Ready Reserve other than the Selected Reserve after service characterized as honorable service; or continue to serve in the Selected Reserves. Individuals who completed less than 6 years may be eligible if discharged for a service-connected disability. Eligibility for Selected Reservists expires 09/30/2009.

Spouses of Veterans

You may also be determined eligible if you are an unremarried spouse of a veteran who died while in service or from a service connected disability, or are a spouse of a serviceperson missing in action or a prisoner or war.

WWII Service

Eligibility may also be established for certain United States citizens who served in the armed forces of a government allied with the United States in WWII and individuals with service as members in certain organizations, such as Public Health Service officers, cadets at the United States Military, Air Force, or Coast Guard Academy, midshipmen at the United States Naval Academy, officers of National Oceanic & Atmospheric Administration, merchant seaman with WW II service, and others.

VA Loans

  • Easier Credit Approval

    VA loans are among the easiest loans to qualify for with more relaxed guidelines for veterans

  • Lower Monthly Payments

    Lower interest rates and no mortgage insurance mean you save more money every month

  • No Down Payment

    Bring 0 to closing. Seller and loan credits can pay for all closing costs

If you have ever served in any branch of the U.S. military, including as a Reserve, National Guard, or Coast Guard, you are likely eligible for a Veterans Administration Loan (VA loan).

Even if you have already used your loan benefits in the past, we can assist in restoring your entitlement so you can buy a home or refinance again.

 

Advantages of a VA Loan

  • No down payment is required in most cases for Purchases.

  • Loan maximum may be up to 100 percent of the VA-established value of the property.

  • No monthly mortgage insurance premium to pay.

  • VA loans are assumable on sale or transfer.

  • Limitation on buyer’s closing costs.

  • An appraisal which informs the buyer of property value.

  • Thirty year loans with a choice of repayment plans:

      • (1) Traditional fixed payment: Constant principal and interest; increases or decreases may be expected in property taxes and homeowner’s insurance coverage.

      • (2) Hybrid ARM product: Newly offered by the VA so you may choose between a fixed rate or an adjustable rate.

VA Loan Eligibility Requirements

Veterans who served on active duty and were discharged under conditions other than dishonorable, during World War II and later periods are eligible for VA loan benefits. World War II (September 16, 1940 to July 25, 1947), Korean conflict (June 27, 1950 to January 31, 1955), and Vietnam era (August 5, 1964 to May 7, 1975) veterans must have at least 90 days service. Veterans with service only during peacetime periods and active duty military personnel must have had more than 180 days active service. Veterans of enlisted service which began after September 7, 1980, or officers with service beginning after October 16, 1981, must in most cases have served at least 2 years of continuous active duty or the full period (at least 181 days) for which you were ordered or called to active duty and been discharged under conditions other than dishonorable, or have completed at least 181 days of active duty and been discharged under the specific authority of 10 USC 1173 (Hardship), or 10 USC 1171 (Early out), or have been determined to have a compensable service-connected disability; or have been discharged with less than 181 days of service for a service-connected disability. Individuals may also be eligible if they were released from active duty due to an involuntary reduction in force, certain medical conditions, or, in some instances for the convenience of the Government.

If you served on active duty during the Gulf War, you must have completed 2 years of continuous active duty or the full period (at least 90 days) for which you were called or ordered to active duty, and been discharged under conditions other than dishonorable; or completed at least 90 days of active duty and been discharged under the specific authority of 10 USC 1173 (Hardship), or 10 USC 1173 (Early out), or have been determined to have a compensable service-connected disability, or have been discharged with less than 90 days of service for a service-connected disability. Individuals may also be eligible if they were released from active duty due to an involuntary reduction in force, certain medical conditions, or, in some instances, for the convenience of the Government.

Current Active Duty

If you are now on regular active duty (not active duty for training), you are eligible after having served 181 days (90 days during the Gulf War) unless discharged or separated from a previous qualifying period of active duty service.

National Guard/ Reserves Service

If you are not otherwise eligible and you have completed a total of 6 years in the Selected Reserves or National Guard (member of an active unit, attended required weekend drills and 2-week active duty for training) and were discharged with an honorable discharge; or were placed on the retired list; or were transferred to the Standby Reserve or an element of the Ready Reserve other than the Selected Reserve after service characterized as honorable service; or continue to serve in the Selected Reserves. Individuals who completed less than 6 years may be eligible if discharged for a service-connected disability. Eligibility for Selected Reservists expires 09/30/2009.

Spouses of Veterans

You may also be determined eligible if you are an unremarried spouse of a veteran who died while in service or from a service connected disability, or are a spouse of a serviceperson missing in action or a prisoner or war.

WWII Service

Eligibility may also be established for certain United States citizens who served in the armed forces of a government allied with the United States in WWII and individuals with service as members in certain organizations, such as Public Health Service officers, cadets at the United States Military, Air Force, or Coast Guard Academy, midshipmen at the United States Naval Academy, officers of National Oceanic & Atmospheric Administration, merchant seaman with WW II service, and others.