Chapter 1: VA Loans in Today’s Market

The VA home loan program is more important than ever.

Some of the program's key benefits include:

  • No down payment, unlike conventional and FHA loans
  • No private monthly mortgage insurance or up-front mortgage premium.
  • Lower interest rates than other loan types
  • Sellers can pay most or all of your closing costs

Qualified veterans, active military members and surviving spouses have access to the most powerful and flexible loan product on the market. Borrowers continue to flock to this no-down payment mortgage during a time of tight credit and heightened lending requirements. VA Loan Volume has increased 168 percent since 2007, and today 9 in 10 VA borrowers purchase a home without putting down a single dollar.

In short, VA loans have become a lifeline for thousands of veterans who might otherwise struggle to achieve the dream of homeownership.

Chapter 2: Eligibility and Requirements

Provides a detailed look at the eligibility requirements and major financial criteria used by both the VA and VA-approved lenders.

Veterans and active military members in every corner of the country are eligible to participate in the VA loan program. Generally, you’re likely qualified if you served:

  • 181 days during peacetime (Active Duty)
  • 90 days during war time (Active Duty)
  • 6 years in the Reserves or National Guard
  • Some surviving spouses may also be eligible

Not every veteran who is eligible for a VA loan will get one. Borrowers have to meet credit, income and employment requirements set by both the VA and lenders. In the current lending climate, veterans with a credit score below 620 will struggle to obtain financing.

Chapter 2 digs deep into credit and credit scores and offers readers simple and effective steps for boosting theirs and getting on the path to loan prequalification.

Questions about whether you qualify?

Our VA Loan specialists are available 24/7 to answer any questions you have about the VA Loan Program. Give us a call at 800-884-5560.

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