Because You’ve Earned the Best Loan Options
First off – thank you for your service. Second – we’re honored to help you get approved for your VA Loan. If you’re active duty military, a veteran, or an eligible family member of a military veteran, you may qualify. VA Loans can offer you:
Little to no down payment
Limits the amount of closing costs you can be charged
No monthly mortgage insurance – potentially saving you hundreds of dollars each year
No pre-payment penalties
Find out more about VA Loans and eligibility from your Assurance Financial Loan Officer.
We’ve created these guides to be a valuable resource to walk you step-by-step through your next adventure.
Those who have served to protect this country should not have to worry about being able to buy a home. VA loans allow qualified veterans to enjoy some benefits with different types of VA loans. These mortgages make homeownership a reality for many who have served.
What Is a VA Loan?
VA Loans are one way to finance the purchase of a home. These mortgages are backed by the Department of Veterans Affairs (VA), which means less risk for lenders. In turn, lenders are able to offer added advantages to VA loan borrowers.
VA loan options come with many benefits. Veterans and service members can buy a home with little money down, and in some cases zero money down. They can also enjoy lower monthly mortgage payments if they use their loan to refinance their current home. Borrowers with this type of financing also do not need to pay mortgage insurance.
Who Qualifies for a VA Loan?
If you’ve had at least six months of active service, you may meet VA loan requirements. If you are part of the National Guard or are a reservist, you may also qualify, provided you have at least six years of service or have been called for active duty.
What Are the Requirements for a VA Loan?
The basic requirements for a VA mortgage are specific time periods of active duty, or reservist or National Guard service. If you have served at least 181 days of active service during times of peace or 90 consecutive days in times of war, you may be eligible.
In addition, some spouses of military members may be eligible for this type of home loan. Widowed spouses of veterans who died as a result of service-related disability or in active service may also qualify.
To qualify for a VA loan, you must also not have been discharged under dishonorable conditions.
There are some additional requirements for this type of mortgage, too. You must show reliable income which covers your mortgage payment and other necessary costs. In addition, VA requirements state you must have a certain amount of money left over after your mortgage and other costs are covered. This is known as a residual income requirement and the amount you will be required to have left over will depend on your specific situation. Speak with a loan officer to help you determine whether you qualify in terms of residual income requirements.
In addition to these requirements, you also need to meet the eligibility requirements set out by the lender. Your lender may have income-to-debt ratio requirements, income minimums and other requirements you must meet. If you work with Financial Assurance, our team can help you understand exactly what benchmarks you need to reach to qualify.
Do I Qualify for a VA Loan?
If you are wondering whether you can secure a VA loan, you can reach out to Assurance Financial for more details. You can fill out an online application with the virtual assistant Abby or contact a loan officer to discuss your situation with a mortgage expert.
What Credit Score Do I Need for a VA Loan?
The veterans’ loan program is overseen by the VA, but the VA does not directly issue loans. Lenders issue the loans, which are secured by the VA. The VA does not set credit score minimums for the mortgages they secure. The department wants to get as many service members and veterans as possible supported in purchasing a home.
However, since mortgages are issued by lenders, lenders make the ultimate decisions about what credit scores are needed for their products. Most lenders do have minimums when it comes to loan applications. They may not be willing to accept borrowers with scores below that number.
The good news is that VA loans are secured, which can mean the credit requirements are less strict compared to other loans. If you have some dings on your credit but qualify for a VA mortgage, you may still be able to secure a home loan. The extra security offered to the lender by the VA can help offset some of the risk for the lender.
You can also improve your chances of qualifying for a home loan by working on your credit score before you apply for a home loan. In addition, you can work with a lender such as Assurance Financial. We handle all processing and underwriting in-house, which means you can get answers about your loan options.
How to Apply for a VA Loan
To apply for a VA mortgage, you need a VA Certificate of Eligibility to show you qualify for this type of financing. You don’t need the certificate before you start the application process, or to get pre-approved for a VA loan. However, many veterans like to get the certificate before they apply, as it helps confirm they are eligible. If you have any concerns about whether you qualify for a VA-backed mortgage, a VA Certificate of Eligibility can set your mind at ease.
You can get your VA Certificate of Eligibility by working with a VA-approved mortgage lender. The lender can show you how to get the certificate. You can also get the certificate yourself by applying online at the eBenefits portal at the VA. Another option is to complete and mail in VA Form 26-1880 to get your VA Certificate of Eligibility.
To apply for a VA home loan, first get familiar with the requirements to determine whether you qualify for this type of financing. You can then contact a loan officer or Abby online to get prequalified with Assurance Financial. It can take as little as 15 minutes to pre-qualify with us and you won’t have to fax or email documents to us when you apply online. Abby can walk you through the process of logging into your payroll and bank accounts so you can get your financial information verified.
Once you have applied, you can apply for your VA Certificate of Eligibility and start looking for a home. If you have found a home you want to buy, fill out the full application with Assurance Financial and submit any needed financial records. Assurance Financial takes care of underwriting in-house and our team can answer any questions that arise along the way.
Connect With a VA Loan Officer Online Today
If you’re wondering about how to obtain a VA loan or have any questions about your eligibility, Assurance Financial is here for you. We offer a free rate quote to help you understand how affordable a home could be.
Our helpful staff can also help you find mortgage products which could be a match for you. Assurance Financial is a VA-approved lender and also has many types of home loans for virtually every situation. Whether you want to build a home, access home equity, buy your first home or have another need, our loan officers will work to find your solutions.
To get started applying for a VA home loan, contact your local Assurance Financial loan officer or apply with our virtual assistant, Abby, online. The process to pre-qualify can take as little as 15 minutes and could be the first step you take to move into your own home.