The VA Loan program has some complexities to it. Our team at The Tuttle Group has extensive experience working with veterans to find a VA Loan that fits their budget and allows them to purchase the home of their dreams. Here’s what you need to know about qualifying for VA loans.
What Is a VA Mortgage?
The U.S. Department of Veterans Affairs works with major lenders across the country to offer loans to military members and their families. Their most significant advantage: The Department of Veterans Affairs guarantees these loans on behalf of the government.
The VA Loan program dates back to the Second World War, approved by Congress as part of the GI Bill, officially called the Servicemen’s Readjustment Act of 1944. According to the Army Times newspaper, the VA Loan program is the only aspect of the original GI Bill still in force.
Who Qualifies for VA Loans?
The VA Loan program is open to eligible U.S. military veterans, active duty service members, National Guard, Reservists, and surviving spouses who have not remarried. When you served and for how long, determine the extent of your available benefits.
The VA outlines the specific times when the nation was considered at war or at peace. In general, you are eligible for a loan if you served:
- 90 straight days in wartime.
- 181 straight days in peacetime.
- 90 straight days in the National Guard or the Reserves after Aug. 2, 1990, or six years in those branches at other times.
It’s our goal to get you approved for a loan that best serves your needs. Let our advisers work with you to understand the eligibility requirements and what you need to get approved.
Benefits of a VA Loan
VA loans offer veterans several valuable benefits. Some of these may vary depending on the interest rate environment. For instance, the VA says it does not require a down payment, though it does note that some lenders may need one in certain circumstances. The program also offers the following:
- Low-interest rates.
- Limited closing costs.
- Waivers for private mortgage insurance.
Another significant benefit: The VA loan program is a lifetime benefit. You can make use of the program more than once.
Getting Started
We can help you get started on your VA home loan journey. The first step is to apply for your VA-backed home loan Certificate of Eligibility (COE), review your finances, and choose your lender. The advisers at The Tuttle Group will make the home loan process as easy to navigate as possible. Reach out today for an initial consultation.
