VA Loans
Since the end of World War II, more than 14 million veterans have bought homes with the aid of VA loans guaranteed by the U.S. Department of Veterans Affairs (VA). The VA loan program is in part responsible for homeownership by veterans significantly exceeding that of the general population. Over 80 percent of veterans own homes whereas roughly 68 percent of the general population owns their own home. A remarkable feat since over 80 percent of it's loans are to veterans whose limited financials prevent them from obtaining conventional loans.
The Veterans Administration does not lend money, it merely guarantees lenders that in the unlikely event of a borrower default, the VA will cover the loss. Over the past ten years, the cost to the taxpayers due to VA loan subsidies has been essentially zero.
VA Loan Features:
- No downpayment
- No PMI
- Not a one time opportunity. VA loans may be used multiple times
- VA Loans Available For:
-
- Existing homes
- Condo's
- Manufactured homes
- Mobile homes
- 1 - 4 unit residences
- Construction loans
- Refinance
- VA loans offered as fixed and adjustable rate mortgages
- Assumability. VA loans have an assumability feature enabling anyone; veterans and non-veterans alike to purchase a home having an existing VA loan and assume the payments. This assumability feature makes VA loans obtained during periods of low interest rates a popular selling feature of homes with VA loans when current market rates are above the existing rate on the VA loan.
VA Loan Eligibility
You may be eligible for a VA loan if one or more of the following apply:
- Member of the Armed Forces on or after Sept 16, 1940
- Member of the Armed Forces Reserves or National Guard
- Unremarried spouse of a veteran who died while in service or from a service connected disability
- Spouse of a serviceperson missing in action or a prisoner or war.
- United States citizen who served in the armed forces of a government allied with the United States in WWII.
- Member of certain organizations such as Public Health Service Officers, cadets at the United States Military Acadamies, officers of National Oceanic & Atmospheric Administration, merchant seaman with WW II service and others.
VA Loan Limits
You may borrow up to $417,000 with a VA Loan.
Credit
Because many servicemembers have never established a credit history or, have thin credit, VA loans tend to overlook credit scores.
You don't need to have served active duty during times of conflict to be eligible for a VA loan but you do need a current certificate of eligibility. As an authorized VA lender, Atlantic Mortgage Services has direct access to the VA's electronic registry and can obtain a current certificate of eligibility for you in a matter of minutes. To update your certificate of eligibility or to obtain a new certificate. Contact an Atlantic Mortgage loan officer.