Virginia VA Loan Details: Veteran Affairs mortgages or “VA” loans have increased in popularity in recent years. After all, there aren’t many mortgage options left in the U.S today for 100% financing. VA loans are unique in the way that they do not require down payments. The program is available to all eligible veterans and active members of the military and is provided by approved lenders with the “backing” of the Department of Veteran Affairs. One of the top benefits of VA loans is they still do not required monthly mortgage insurance – PMI. For borrowers in Virginia with no means for down payments, the VA loan remains one of the very few options available. Millions of active military personnel and veterans can qualify for this loan comparatively than more traditional conventional loans.
If you are looking to apply for a VA mortgage, below are some pointers you must know beforehand.
Military veterans, soldiers on active duty, National Guard members and reservists are all eligible for VA loans. Additionally, the spouses of the mentioned personnel who died while on duty or via a disability related to service are also eligible. Those on active duty usually qualify after a minimum service of 6 months. National Guard members and reservists are required to wait a total of 6 years to gain eligibility. However, should they be called to active duty, they become eligible after a service period of 181 days. This period is halved during times of war.
The advantages of VA loans
Perhaps the biggest advantage of a VA loan is that there is no need for a down payment – 100% financing. Keeping in mind the often less than ideal financial situations of military personnel, this is a very big plus. Another advantage is that VA loans don’t require mortgage insurances. This results in significant savings on a monthly basis.
Similar to other government loan programs like FHA or USDA, a funding fee is added to buyers base loan amount. The costs though, are usually lower than most loan programs that feature a low down payment. These funding fee can vary from 1.25 -3.3%, depending on down payment amount and how many times the borrower has used their VA loan benefits. See the chart below:
The usual credit score preferred by VA approved banks and lenders is 620 or above. No serious financial hardships within the previous 4 years is also important. Applicants should also prove sufficient, stable income at the time of application. They must not be too indebted, although even these guidelines are significantly more feasible and lenient than those for conventional loans.
VA loan limits
The limits on VA loans are variable by county with some higher costs locations in the U.S allow for limits upwards of $636,150 and even more so, in some counties in the state of Hawaii. Most of Virginia will have a loan limit amount set at $424,100. Virginia Veterans in search of larger loans can also learn about the VA Jumbo Loan here.
Read more about VA loans here. Please call Ph: 800-871-2636 or submit the Request Contact at the top of this page to speak with a loan specialist today.
Serving Vets across the U.S including Virginia Beach, Norfolk, Chesapeake, Arlington, Richmond, Newport News, Alexandria, Hampton, Roanoke, Portsmouth, Suffolk, Lynchburg, Centreville, Dale City, Reston, Harrisonburg VA