* VA Loans

This type of government VA loan is available to veterans who have served in the U.S. Armed Services and, in certain cases, to spouses of deceased veterans. The requirements vary depending on the year of service and whether the discharge was honorable or dishonorable. The VA main benefit to a VA loan is the borrower does not need a down payment. The loan is guaranteed by the Department of Veteran Affairs, but funded by a conventional lender.

VA Mortgage Loan Rates are based on .125 Increments.
Example: %
1.00
.875
.75
.625
.500 = half point
.375
.25
.125

* VA Loan limits are per State, and City

Requirements to obtain a VA Loan.
Military home buyers are at a fantastic advantage thanks to the VA Loan Program. VA Loans are available for no down payment and loan amounts that can reach $729,000 or more based on your location.

You must currently be serving in the United States military or be an honorably discharged veteran to qualify. Surviving spouses and members of the Reserves or National Guard can also obtain VA Loans.

The VA Loan "Limit" in your area refers to the maximum loan amount the government will guarantee in that area. Typically this amount is $417,000 but it can be much higher in high costs areas.

Qualifying for a VA Mortgage Loan
VA Loans are not freebies - you still have to qualify just like with a traditional mortgage. Your lender will review your:

* Credit Score and History
* Current Income
* Other Debts and Leins
* Past Bankruptcies

and a few other items that all mortgage borrowers must verify.

A Certificate of Eligibility (COE) serves as proof of your service and eligibility for a VA Loan. You must obtain a COE during the pre-qualification process.

To receive your COE from the VA you must complete VA Form 26-1880, shown on the right.