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Navigating VA loan qualifications can feel like a maze, but it doesn’t have to be.
The VA loan, backed by the U.S. Department of Veterans Affairs, offers unique benefits for veterans and active military personnel seeking homeownership.
This guide will be your roadmap to understanding VA loan qualifications and leveraging your well-deserved benefits to secure an affordable home.
VA loans are a type of mortgage loan guaranteed by the U.S. Department of Veterans Affairs (VA). They are designed to help veterans, active-duty service members, and eligible surviving spouses become homeowners.
One key feature of VA loans is that they do not require a down payment or private mortgage insurance (PMI).
To qualify for a VA loan, you must meet one or more of the following criteria:
A Certificate of Eligibility (COE) is required to prove to lenders that you qualify for a VA loan. You can obtain a COE through the VA’s eBenefits portal, by mail, or through your lender.
Surviving spouses of veterans may also be eligible for VA loans.
To qualify, the spouse must be unmarried, and the veteran must have died in service or from a service-related disability.
VA loans offer a range of significant benefits designed to make homeownership more accessible and affordable.
The VA loan program offers several types of loans to cater to the diverse needs of veterans and service members.
VA loan limits refer to the maximum amount the VA will guarantee without requiring a down payment.
These limits vary by county and are influenced by the conforming loan limits set by the Federal Housing Finance Agency (FHFA).
The VA loan limits are determined based on the median home price in your area. Current limits for your county can be found on the VA’s website.
Let MyPerfectMortgage.com match you with the perfect VA lender.Your entitlement measures how much the VA will guarantee on your behalf.
If you have full entitlement, you can purchase a home with no down payment up to the conforming loan limit for your area.
Part of qualifying for a VA home loan is paying the necessary fees.
The VA funding fee is a one-time fee paid to the VA to help cover the costs of the loan program. The fee varies based on the loan type, down payment amount, and whether you’ve used a VA loan.
In addition to the funding fee, you may need to pay other costs, such as closing, appraisal, and credit report fees.
Some veterans, such as those receiving VA disability compensation, may be exempt from paying the funding fee.
Additionally, making a down payment can reduce the funding fee amount.
Ready to take the next step towards homeownership with a VA loan?
My Perfect Mortgage is here to help you find the right VA lender.
Our advice is based on experience in the mortgage industry and we are dedicated to helping you achieve your goal of owning a home. We may receive compensation from partner banks when you view mortgage rates listed on our website.