VA Loans

Created USA flag with statue of liberty for military by the Department of Veteran’s Affairs, VA Loans are a home mortgage program with many benefits for those who have served our country. If you qualify, then your dream of homeownership can easily be made into a reality. However, you must be eligible to obtain a VA Loan. There several steps to go through that ensure both you and the home you wish to purchase will be accepted by this government-sponsored program. Trinity Mortgage is here to help San Antonio, TX homeowners understand the requirements for VA Loans.

Benefits and Uses

VA loans have some amazing benefits to consider. They include:

  • Minimal Credit Score of 620
  • No down payment requirement
  • No monthly insurance payments
  • Set limits on closing costs paid by the buyer
  • Sellers may pay for up to 4% of closing costs
  • Low-interest rates
  • No prepayment penalties
  • Easy refinancing
  • Help from the VA if you are struggling to make payments

VA loans may be used to purchase existing homes, to build a lot and construct a home, to purchase, and even to purchase certain VA-approved condominiums. There is no official VA loan limit – however, borrowers who use more than the allowable limit that the VA insures will need to provide 25% down on the difference between the VA-insured limit and the value of the home.

VA Loan Requirements

The VA has strict rules on the types of homes it will inspect and approve. You need to understand all the policies before you start looking for a home. Visit the VA governmental website and your real estate agent directly. Otherwise, you may waste a lot of time find a home to buy, and then learn that the house does not meet the VA requirements. Establishing that you’re eligible for a VA Loan should also be one of your first steps. Below is a list of criteria to qualify:

  • You must be a Veteran who served at least 90 days of active duty during wartime, or
  • You must be a Veteran who served at least 181 days of active duty during peacetime, or
  • You must be a current active-duty member with more than 90 days of continuous service, or
  • You must be discharged due to a service-related injury, or
  • You must be reservist or member of the National Guard who served at least six years, or
  • You must be surviving spouse of a veteran who was killed during service or because of a service-related injury or who was declared MIA or POW.

Securing a Certificate of Eligibility for a VA Loan

Once you are certain that you are eligible for a VA Loan, you must then obtain a Certificate of Eligibility (COE) from the VA. Be sure that you have checked the VA website to review whether you have served for eligible criteria. You must present specific documents in order to obtain your COE, these depend upon what criteria you are using to qualify.

Trinity Mortgage in San Antonio enjoys helping service members throughout the state of Texas find a dream home and reap the many benefits of the VA Loan program.

Contact our seasoned VA lending team directly today for help with establishing eligibility.