VA Loans

The VA Loan became known in 1944 through the original Servicemen’s Readjustment Act also known as the GI Bill of Rights. The GI Bill was signed into law by President Franklin D. Roosevelt and provided veterans with a federally guaranteed home with no down payment. This feature was designed to provide housing and assistance for veterans and their families, and the dream of home ownership became a reality for millions of veterans.

For all those who have served and for the families who have supported, we thank you greatly for your sacrifice and your service!  We are proud to serve your mortgage needs.

What You’ll Need to Qualify for a VA Loan

• A Certificate of Eligibility.
  • The VA will issue you a Certificate of Eligibility if you meet their guidelines for type and length of service.
  • If you don’t have one already, we can apply for your Certificate of Eligibility for you.
• A debt-to-income ratio (DTI) of no more than 60%. Estimate your DTI by adding your monthly debt payments (such as credit card and car payments) and dividing the total by your monthly income before taxes.

Money to cover the funding fee charged by the VA. This may be rolled into your loan. You may not have to pay this fee if one of these criteria applies to you:

• You have a service-connected disability.
• You receive VA disability or have in the past.
• You’re a surviving spouse who qualifies.

VA Loan Benefits

• You may not need a down payment.
• You can qualify with a lower credit score and more debt compared to conventional loans.
• You won’t need to pay mortgage insurance.
• You can use your VA loan benefit more than once – if you sell your home or pay off your mortgage, you can get another VA loan.

Refinancing with a VA loan has some great benefits, too:

• If you currently have a VA loan, you can refinance up to 100% of your home’s value to get cash out.
• If you currently have a VA loan and don’t need cash out, you may be able to refinance up to 120% of your home’s value.

VA Property Requirements

• You or a spouse must move into the home within 60 days. There are exceptions to this, including deployment.
• It must be your primary residence, not a vacation home or income property.