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The U.S. Department of Veterans Affairs (VA) strives to make homeownership affordable for active servicemembers, Veterans, and eligible surviving spouses with the VA home loan guaranty. According to VA home loan data, about 3% of VA home loans were issued in Colorado, and less than 12% of Texas Veterans took advantage of the VA loan benefits for home purchases. To increase the number of funded VA loans for homes, approved VA lenders must provide Veterans with information about VA loan requirements and benefits.
How Does a VA Home Loan Work?
One of the advantages of the Servicemen’s Readjustment Act is the VA Home Loan Guaranty that assists eligible VA loan applicants with well-earned benefits. Although the VA does not directly lend money for VA home loans, it allows mortgage lenders the ability to offer favorable VA loan terms; and the loan process is simple. The VA loan process starts with a mortgage loan application. In addition to the VA loan application, you will need to provide proof of military service. It is helpful to have your DD-214 form available. Our in-house VA loan processor can assist with VA loan documents.
With a complete mortgage loan application and proof of VA eligibility, you can begin to discuss the VA loan options with your mortgage lender. VA loans have lenient qualification requirements because a portion of the loan is guaranteed by the VA’s funding fee. Funding fees are much more affordable than other options. The exact amount depends on the type of loan, the borrowers service type, and down payment. The fee may be waived entirely based on VA disability, or for qualifying surviving spouses. Talk to our loan officer about discounted or waived VA funding fee eligibility.
What Are VA Loan Benefits?
VA Loan Eligibility
There are a few things that determine your VA eligibility:
You will also need a Certificate of Eligibility (COE), which can be easily accessed online in minutes. Obtaining your COE is easy and it doesn't require dozens of pieces of identification. In fact, depending on your type of service you may only need one of the following:
Luckily, your VA loan eligibility benefit never expires. You can still qualify for VA home loans after your service has ended, provided you meet the eligibility requirements.
Learn More About VA Loans
If you are a qualified VA home loan applicant, talk to our local mortgage broker about the benefits of a VA home loan. Competitive Home Lending works with the nation’s best VA lenders to offer Veterans wholesale mortgage rates, making homeownership even more affordable. It’s our way of thanking you for your service. If you have questions about VA mortgage loans, VA loan qualification, VA loan eligibility, VA loan benefits, or the VA loan process, Contact Us. If you are ready to start your VA loan, Apply Online for exclusive wholesale pricing.
While the VA does not have a minimum credit score requirement, most lenders do. Our VA loan underwriters allow a minimum score of 500 for 100% financing of the purchase price.
Competitive Home Lending has access to wholesale VA loan rates through the best VA mortgage lenders. Get your VA Home Loan through a local mortgage broker at a wholesale VA rate.