VA Home Loan Benefits & Eligibility | | TDY Lodging BlogTDY ...

Probably the best benefit is that a veteran or service member can use a VA Home Loan to buy a home with no down payment. In most cases even the VA Home Loan Closing Costs can be rolled into the mortgage and financed over the life of the loan. The Department of Veterans Affairs recently increased the maximum VA home loan guaranty amount for the VA Jumbo Loan which is eligible in certain high Cost of Living (COLA) areas or for veterans and service members who qualify based on underwriting requirements including debt to income (DTI) ratio levels.

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VA Loan Benefits include:

• Zero down payment (unless lender requires, or if purchase price is higher than reasonable value of property).
• Negotiable VA Interest Rate Loan Terms
• VA Loan Closing Costs and Funding Fee can be financed in the loan
• Equal Housing Opportunity for all qualified veterans to obtain a VA loan.
• VA Loan Closing Costs are comparable vs. FHA or vs. Conventional
• VA Loan PMI ? No mortgage insurance premiums required
• A fully assumable mortgage by other Veterans based on VA Home Loan Eligibility
• The option to prepay the VA mortgage without penalty.
• VA borrower assistance to veterans in default due to financial difficulty.

VA Loans Feature no PMI ? Private Mortgage Insurance

When purchasing a home with less than 20 percent down, a borrower is faced with the option of having to either buy Private Mortgage Insurance or to finance a portion of the balance through other subordinate financing. The benefits of a loan through the Department of Veteran?s Affairs VA Home Loan Program includes no PMI Requirements. This is because the VA home loan is guarantee and backed by the department.

VA Home Loan Eligibility

To be eligible to obtain a VA home loan, the veteran or service member should have received an honorable discharge as annotated on their DD-214. Service requirements are six months of service on Active Duty in the US military or the equivalent in the reserves or National Guard. Borrowers attempting to qualify for a VA loan should always check with the Department of Veterans Affairs to verify and determine VA Home Loan Eligibility Criteria.

VA Loan Requirements

A VA loan must be used by the veteran or service member to be occupied as the primary residence and cannot be used for commercial or investment property. The VA may allow for certain property classifications such as a duplex, triplex, or four-plex to be guaranteed as a VA home loan if the property is to be owner occupied by the service member. Spouses and family members of a veteran or service member cannot apply for a VA home loan unless the eligibility has been transferred as a result of the death of the veteran or service member. For more information visit the official Department of Veterans Affairs website or see VA Home Loan Requirements.

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