VA Home Loans
What Is A VA Home Loan?
It’s a loan provided by a participating lender like Bank of England Mortgage and it is guaranteed by the U.S. Department of Veterans Affairs (VA). This guarantee means we’re able to offer you more favorable terms on a home loan or refinance. You don’t need to be a first-time homebuyer, and you can reuse the benefit.
What Are My Benefits?
The VA offers a few home purchase and refinance programs depending on your needs. In general, these programs can help you purchase a home with a competitive interest rate and often without requiring a down payment (as long as the sales price doesn’t exceed the appraised value) or private mortgage insurance. The VA also offers programs that let you refinance an existing VA home loan or take cash out of your home’s equity.
Other Benefits Include:
- Up to 100% financing is available with no mortgage insurance.
- No appraisal needed on VA Streamline Refinance loans.
- VA rules limit your closing costs.
- Closing costs may be paid by the seller.
- You can’t be charged a penalty fee if you pay off the loan early.
- If you have trouble making payments, the VA may be able to help.
- Surviving spouses of deceased veterans may also be eligible. Contact us for details.
What Do I Need To Be Eligible?
You must be the personal occupant of the home and must have sufficient income, suitable credit and a valid Certificate of Eligibility (COE). To obtain a COE, you must have been discharged under conditions other than dishonorable and meet certain service requirements as listed below.
Whether you’re an active duty service member or a veteran, you’ll need to meet specific service requirements in order to meet eligibility for a VA loan. Service requirements fall into one of two categories: wartime and peacetime.
You may be eligible for a VA home loan if you meet one or more of the following conditions:
- You served at least 90 consecutive days during wartime
- You served at least 181 consecutive days during peacetime
- You have more than six years of service in the National Guard or Reserves
- You are the surviving spouse due to a in the line of duty or as a result of a service-related disability
If you do not meet the minimum service requirements, you may still be eligible if you were discharged due to (1) hardship, (2) the convenience of the government, (3) reduction-in-force, (4) certain medical conditions or (5) a service-connected disability. Eligibility requirements are subject to change as deemed necessary by the VA. All loans subject to underwriting approval. Certain restrictions apply. Call for details.