There are several different eligibility requirements you must meet to qualify for VA home loans. If you are not sure if you will qualify, you should speak with a mortgage loan or a VA Loan Specialist. One of the first steps toward getting a VA Loan is to complete a Certificate of Eligibility.
Check your eligibility with a qualified VA Loan Specialist if you have any questions.
A new bill, H.R. 299, will allow all eligible VA homebuyers and VA homeowners to borrower, either for purchase or refinance above the 2019 limit of $484,350 for most U.S counties, with zero down payment. The Blue Water Navy Vietnam Veterans Act has already been unanimously approved for any loans that are guaranteed on or after January 1, 2020. Find more information here.
You can use your VA Loan to purchase a house, condominium, or townhouse. You can also build a home, make energy-efficient home improvements, or refinance your mortgage.
There are several reasons why VA home loans may be preferable to standard loans. Most importantly, if you qualify, you may obtain a VA Loan even if you did not qualify for other loans. There may be no down payment required for a VA Loan, depending on the lender. VA Loans often have lower interest rates than conventional loans, and many times you can negotiate the interest rate with the lender. There are no mortgage insurance premiums on VA Loans, and assumable mortgages are permitted. Closing costs can be lower than other forms of financing, and there is no penalty for prepaying your mortgage. In addition, VA assistance due to temporary financial difficulty is available to those who qualify.
For more information, view an in depth article on VA Home Loan Benefits.
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