What is a VA Loan?
A Veteran’s Administration (VA) loan is a federally guaranteed loan that is available to eligible active, non-active, Reserve, National Guard and retired members of the armed services and, in some cases, the widowed spouse of a veteran. VA loans can be used for purchase or refinance and have no minimum down payment and no monthly mortgage insurance cost.
An Overview:
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100% Financing Available
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No monthly mortgage insurance
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Seller contributions or gift funds allowed for closing costs
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No minimum FICO score
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Flexible employment history requirements
Eligibility:
Not everyone who has served in the armed forces is eligible for a VA loan. Depending on when you served, you will have to have a minimum amount of time served to be eligible. To find out more about eligibility visit the VA’s website.
A certificate of elibility and DD214 are required for any VA home loan. Once you have established whether you are eligible you can request one on the VA’s website.