Everything You Need to Know About Getting a VA Home Loan

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The Veterans Administration (VA) has a number of benefit programs aimed at helping veterans and their families, including the VA home loan program. Through this program, eligible individuals can get a mortgage for a home at a competitive interest rate and with little or no down payment.

What is a VA home loan?

Essentially, the VA home loan is a guarantee for part of your loan. With this guarantee, the VA agrees to cover a certain percentage of the loan should you be unable to pay it back.

Who is eligible for a loan?

Any veteran, active service member, and surviving spouses (in some situations) may apply for this type of loan. Applicants must have a good credit score and cannot have defaulted on any past VA guarantees.

What limits apply to the loan?

The limits of the guarantee stand at 25% of the loan, but the limits on the overall size of the loan for which the VA can do a 25% guarantee vary according to location. As of 2014, according to the US Department of Veterans Affairs, the basic entitlement is a $36,000 guarantee per service member or up to 25% of a loan below the limits. Loan limits start at $417,000 and may vary according to location. All loan limits are subject to change.

How do you apply for a VA home loan?

The first step in applying for a VA home loan is to obtain a Certificate of Eligibility (COE). While lenders may have access to automatic VA approval when you submit your mortgage application, it’s always a good idea to apply ahead of time.

Veterans Administration mortgages can be a great option for veterans ready to buy a home. To find out more about how the program works and if it is a right fit for you download our free eBook!

Skyline Financial Corp. is not affiliated with the U.S. Government. Each is solely responsible for the products and services it offers.

8blocks has a business relationship with Skyline Financial Corp. (“Skyline”). 8blocks creates co-branded websites for Skyline and Krista Nowak. Skyline and Krista Nowak compensate 8blocks for this service. You are not required to use Skyline or Krista Nowak’s services as a condition to the purchase or sale of a home or other property. There are other mortgage lenders that may be able to offer you a mortgage loan. You are free to shop around to determine that you are receiving the mortgage rates and terms that fit your needs. Your choice of a mortgage lender or realtor will not affect current or future services and products provided to you by these unaffiliated entities.

Skyline Financial Corp. is not affiliated with Krista Nowak or their brokerage. Each is solely responsible for the products and services it offers.

Skyline Financial Corp. dba Skyline Home Loans, Nationwide Mortgage Licensing System (NMLS) Company ID# 12072. Arizona Mortgage Banker License #927740, Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act File No: 4130296, Georgia Residential Mortgage Licensee, Illinois Residential Mortgage Licensee, Licensed by the New Hampshire Banking Department License #19536-MB, Ohio Broker/Banker Registration #MBMB-850231-000, Oregon Mortgage Lender License ML-2797, Washington Consumer Loan Company License CL-12072. Refer to www.nmlsconsumer.org and input NMLS#12072 to see where Skyline Financial Corp. is a licensed lender.