Mortgage Investors Group

VA LOAN

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VA Loan

VA loans through the U.S. Department of Veterans Affairs are available to qualified veterans and military members. The VA does not make loans, but insures loans made byus to veterans. The VA guarantees their loans are made to give veterans better rates and terms.

The VA Loan Guaranty Program was put in place in 1944 to help veterans returning from war. Over 18 million veterans have since used the program. Along with offering loans for purchase, a VA loan can be used to refinance an exitsing VA loan, take cash out with their home financing, make repairs or improvements and much more. VA loans are mostly popular with first-time buyers.

Eligible borrowers for a VA loan include:

Active duty military personnel
Veterans
National Guard and Reservists who have served for a minimum of six years
Spouses of military members killed in the line of duty, as well as those rated totally disabled or eligible for compensation prior to death

To get a VA loan, the borrower must first get a Certificate of Eligibility from the Department of Veterans Affairs. This certificate states that the borrower has a VA entitlement and can participate in the program. A VA approved lender can help a borrower obtain the form, or the veteran can request it online.

Advantages of a VA Loan

VA loans are very popular because they do not require a down payment and underwriting standards are looser, compared with conventional mortgages.

Low, competitive interest rates
No down payment necessary
No private mortgage insurance (PMI), regardless of down payment size
Looser credit, income and debt requirements
Available to eligible borrowers with a prior bankruptcy or foreclosure
No prepayment penalties
Seller can pay up to 4 percent toward closing costs
Streamlined refinancing available
VA funding fee can be financed (Surviving spouses who get a VA loan do not need to pay the funding fee)
Loan is assumable