VA Loan

A VA loan is a government-backed mortgage loan in the United States, guaranteed by the U.S. Department of Veterans Affairs (VA). The VA loan program is designed for eligible veterans, active-duty military members, reservists, and certain surviving spouses (provided they have not remarried). VA loans can be used to purchase a variety of properties, including single-family homes, condominiums, multi-unit properties, manufactured homes, and new construction.

One of the major benefits of a VA loan is the ability to purchase a home with little to no down payment. Additionally, VA loans do not require private mortgage insurance (PMI), which can significantly reduce monthly payments. These features make VA loans an attractive option for veterans and military families looking to buy a home with favorable terms and low upfront costs.

At Rateplicity Mortgage Corp., we specialize in helping veterans and military families take advantage of the VA loan program. If you’re eligible for a VA loan, our experienced loan officers can guide you through the process and ensure you receive the best possible terms for your home purchase. Contact Rateplicity Mortgage Corp. today to learn more about how a VA loan can benefit you.

Overview

The requirements for VA loan eligibility

VA loan eligibility is based on service requirements set by the U.S. Department of Veterans Affairs. To qualify for a VA loan, you must meet one of these criteria:

Veterans who served at least 90 days of active duty during wartime or 181 days during peacetime.
Active-duty service members who have served a minimum of 90 continuous days.
National Guard or Reserve members who have served at least 6 years, or less if activated for federal service.
Surviving spouses of service members who died in the line of duty or from a service-connected disability, provided they have not remarried.

In addition to meeting service requirements, your eligibility may also depend on your credit history and income. VA loans offer key advantages, such as no down payment and no private mortgage insurance (PMI), making them a great option for veterans, active-duty service members, and their families.

To confirm your VA loan eligibility, you’ll need to obtain a Certificate of Eligibility (COE). At Rateplicity Mortgage Corp., we specialize in assisting veterans and military families with the VA loan process, ensuring you take full advantage of these benefits. Contact us today to learn more about how you can qualify for a VA loan.

VA Loan FAQs

What is the maximum you can borrow with a VA loan?

The maximum amount you can borrow on a VA loan depends on the county and your entitlement status. In most areas, the VA loan limit is typically around $726,200 (as of 2023), but it can be higher in high-cost areas. If you have full entitlement, you may be able to borrow above the limit without a down payment. For loan amounts exceeding the limit, a down payment may be required. Contact a VA-approved lender like Rateplicity Mortgage Corp. to learn more about your specific loan limit.

Does a credit score matter for a VA home loan?

While the VA does not set a minimum credit score requirement for VA loans, most lenders typically look for a credit score of at least 620 to approve a loan. A higher credit score can help you secure better interest rates and loan terms. However, even if your credit score is lower, you may still qualify for a VA loan, especially if you have a strong overall financial profile.

How long does it take a VA loan to close?

The time it takes to close a VA loan typically ranges from 30 to 45 days, similar to other types of loans. However, the exact timeline can vary depending on factors like the complexity of the loan, how quickly you provide necessary documentation. To speed up the process, make sure to provide all required documents promptly and stay in contact with your Rateplicity loan officer and/or the assigned processor. At Rateplicity Mortgage Corp., we strive to make the VA loan process as smooth and timely as possible.

Can a family member use my VA loan?

The VA tries to be flexible to help veterans and their families. In some cases a family member can use your VA loan benefits. Spouses are the most common family members who can use VA loans. Sometimes a VA loan can be used by a divorced spouse if the marriage lasted for more than 10 years. To find out specific eligibility requirements, contact us today!