Armed Forces Crossroads | VA Mortgage Center

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VA Mortgage Center

Unapproved Uses Include:

Buying investment or income properties of any kind
Purchasing a property or farm that the veteran will not live on
Purchasing a home in a country other than the United States
A business loan

Why get a VA loan?
You could have a much lower interest rate than if you use a private mortgage or loan company. And if you qualify, you may not have to make a down payment at all (nearly 90% of VA loan borrowers in 2010 took out mortgages with no down payment). You will also have much lower closing costs.

Who is eligible for a VA-backed loan?
All active-duty service members and veterans are eligible for VA loans, and a few others as well. Active-duty service members and veterans are divided into two different eligibility brackets: peacetime service and wartime service. If you have served since August 9, 1990, you are wartime service eligible. If you served before then, click here to determine which category you are eligible for, or contact a VA loan specialist.

In addition to active-duty personnel and veterans, certain reserve members are eligible, but only as long as they’re not eligible another way and have served at least six years in the National Guard or Reserves.

Spouses of service members and veterans may also be entitled to VA financing:

Spouses of active duty members of all Armed Forces, if they have been a prisoner of war or declared as missing in action for at least 90 days;
Surviving spouses, who have not remarried, of eligible veterans or service members who died because of a service or service-connected injury;
Surviving spouses, who have remarried, after turning 57, and on or after December 16, 2003 may also qualify.

How can I get a Certificate of Eligibility?
In order to be eligible if you are a veteran, you cannot have been discharged under any circumstances other than honorable. Minimum service time requirements are based a variety of things, but don’t assume you won’t qualify; exceptions can be made by checking your eligibility.

When you apply for a VA-backed loan, the VA make the final decision on whether to help finance you based on a formal document called a Certificate of Eligibility, or COE. If you try to get one on your own, it can take up to several weeks to get it. However, if you go through a VA-approved lender, a loan specialist can get it for you in seconds.

Getting a VA mortgage may not be for everyone, but it can certainly help those who are entitled. Offering VA-backed loans is just one of the ways the United States tries to thank its Armed Forces members for their invaluable service to our country. To get started now, contact Veterans United Home Loans.

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