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A Short Guide to VA Loans and VA Loan Eligibility

VA Loan Eligibility Requirements

To be eligible for a VA Loan, veterans, active duty service members, National Guard members and reservists must meet the basic service requirements set forth by the Department of Veterans Affairs. Spouses of military members who died while on active duty or as a result of a service-connected disability may also be eligible.

It's ultimately up to the VA to determine eligibility for the home loan program, but prospective borrowers can get a good idea by looking at the VA's basic eligibility guidelines.

You may be eligible for a VA Home Loan if you meet one or more of the following conditions:

  • IF You have served 90 consecutive days of active service during wartime,
  • OR You have served 181 days of active service during peacetime,
  • OR You have more than 6 years of service in the National Guard or Reserves,
  • OR You are the spouse of a service member who has died in the line of duty or as a result of a service-related disability.

Don't meet these conditions? You may still be eligible: Talk with a Home Loan Specialist today

Questions about whether you qualify?

Our Home Loan Specialists are available 24/7 to answer any questions you have about the VA Loan Program. Give us a call at (972) 539-2500 or get started online.

Learn about the many advantages of the VA Loan in our next section.

The VA Loan Advantage

Popular Program

VA purchase loans increased for the seventh straight year in fiscal year 2018, according to the Department of Veterans Affairs.

Start your VA Loan quote online

The VA Loan program is the most powerful home loan program on the market for many veterans, service members and military families. These flexible, government-backed loans come with significant benefits that open the doors of homeownership to veterans who might otherwise struggle to obtain financing.

VA loans require no down payment or private mortgage insurance. They feature competitive rates and terms and allow qualified borrowers to purchase a home with little to no money out of pocket.

Looking for an exact savings quote? Speak with a trusted VA-lending specialist today ›

Learn more about VA Loan Rates in our next section, or contact Veterans United Home Loans at (972) 539-2500 to speak with an expert about the benefits of the VA Loan.

Savings and interest rates shown here are for illustrative purposes only and may vary based on a variety of factors. All loans require approval and proof of eligibility and are subject to the complete terms and conditions outlined in the loan agreement documents.

VA Loan Rates

Because VA home loans are backed by the federal government, lenders have the luxury of charging competitively low interest rates. Eligible veterans and service members find that rates are generally lower with a VA home loan than a conventional mortgage.

The VA doesn’t set interest rates. Your lender determines the rate on your VA loan based on your unique financial situation. To speak with a VA Mortgage Specialist about interest rates, call 972-539-2500 today or get started online.

Purchasing Your First Home

Purchasing a first home is an exciting milestone in any person's life. For some, the process may also seem very intimidating. That's why our Residential Mortgage Loan Originators are available 24/7 to help guide home buyers through the path of home ownership. Please don't hesitate to give us a call at 972-539-2500 M-F 9-5  or after hours direct to our RMLO's

214-597-5790 Kathy King  - President/RMLO NMLS 270308

214-762-1111 Alex King III - Vice President/RMLO NMLS 286680

469-255-3163 Alex King IV - RMLO NMLS 913174

start your quote online.

How Much Home Can I Afford?

Typically, the first question would-be homebuyers ask themselves is, "What can I afford?" There are many factors that determine what a reasonable mortgage payment should be for an individual, including annual income, existing debt payments, down payment (if any), as well as additional costs like homeowners insurance and housing association fees. Veterans United provides a handy VA Loan Payment Calculator to help homebuyers find a monthly payment that's comfortable for them.

Home Financing Options for Veterans and Military Families

When it comes to purchasing a home, Veterans are given many financing options, each with their own unique characteristics. For most veteran and active duty military members, Veterans United typically recommends the federally-backed VA Loan for its distinct advantages over traditional loans.

VA Loans

VA Loans are available exclusively to those who have served our country and select military spouses. VA Loans date back to 1944 and the federal Servicemen's Readjustment Act. Due to its competitive rates and no down payment requirement, the VA Loan is the optimal choice for many military families. VA Loans are available for veterans and active duty service members who meet the basic service requirements.

Not only is the VA Loan a great option for home purchasing, but it can also be used for refinancing. Learn more about refinancing with a VA Loan in our next section.

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USDA Loans

USDA Loans are administered by the U.S. Department of Agriculture for citizens, including veterans, with lower incomes to purchase homes and land in rural areas. To qualify, the property must be in a predefined eligibility zone. To see if a USDA Loan may be right for you, contact your Veterans United loan officer to discuss the pros and cons of this loan type.

FHA Loans

Federal Housing Administration loans can be used by a variety of citizens, including veterans, for purchasing and improving "fixer uppers." Other FHA loans are offered specifically for senior citizens, first-time home buyers, or those looking to purchase a home and make energy efficiency improvements. A FHA loan does not offer the no-down payment mortgage option and comes with a form of mortgage insurance that borrowers pay both up front and monthly. A loan officer can help you decide if this loan product is right for you.

Conventional Loans

Conventional loans come without any kind of government guarantee. They typically require a minimum down payment and may carry private mortgage insurance. Credit score requirements are often higher for conventional loans than for government-backed mortgages. Talk with your Home Loan Specialist about whether a conventional loan may best suit your specific homebuying or refinance needs.

Refinancing with a VA Loan

The VA Home Loan program provides qualified homeowners with a simple way to take advantage of lower rates and decrease their monthly mortgage payment. Beyond that, military homeowners can get cash back on a VA refinance and use the proceeds for a variety of needs, from paying off debt or making home improvements and much more. The current economic climate makes now a great time or many military homeowners to take advantage of the numerous benefits found in a VA refinance. To get started, call 972-539-2500 or start your VA Refinance quote online.

Two main programs help VA borrowers refinance to a lower rate -- the VA Streamline Refinance, also known as the Interest Rate Reduction Refinance Loan (IRRRL), and the VA Cash-Out Refinance.

VA Refinance Eligibility

Eligibility for a VA Refinance is similar to that of a home purchase VA Loan.

Typically, you can qualify if you served on active duty for more than 90 consecutive days during wartime or more than 181 days of service during peacetime. For National Guard members and Reservists, the veteran must have served at least six years. Some surviving spouses of veterans who died while in service or from a service-connected disability may also be eligible. It is important to note that in order to receive a VA Streamline refinance, you must hold an existing VA Loan.

"....Their service completely eclipsed what I felt I could have ever expected. The best part is we closed with total out of pocket expenses of roughly $150.00..."
Paula & David

So... What is a VA Loan, Exactly?

The VA loan is a $0 down mortgage option available to Veterans, Service Members and select military spouses. VA loans are issued by private lenders, such as a mortgage company or bank, and guaranteed by the U.S. Department of Veterans Affairs (VA).

Informative Video: 8 Things to Know About VA Loans

The VA Home Loan was created in 1944 by the United States government to help returning service members purchase homes without needing a down payment or excellent credit. This historic benefit program has guaranteed more than 24 million VA loans, helping veterans, active duty military members and their families purchase or refinance a home.

Today, the VA Mortgage is more important than ever. In recent years, lenders nationwide have tightened their lending requirements in the wake of the housing market collapse, making the VA loan a lifeline for Veterans and active Military homebuyers, many of whom find difficulty when faced with tough credit standards and down payment requirements.

Not sure where to begin? Start the conversation now giving us a call at 972-539-2500 or start the process online by clicking/tapping the button below:

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