A VA Home Loan is a government-backed mortgage option designed specifically for veterans, active-duty service members, and eligible surviving spouses. With the benefit of no down payment required, lower interest rates, and no private mortgage insurance (PMI), VA loans make homeownership more affordable and accessible for those who have served our country. This program, created to support veterans and their families, offers flexible qualification requirements and significant financial advantages. At Vision Home Mortgage, we are committed to helping you take full advantage of these benefits to achieve your homeownership goals
VA home loans offer unique advantages to veterans and their families, providing an affordable path to homeownership with lower interest rates and flexible terms. Thanks to the VA's backing, these loans often require no down payment, have reduced closing costs, and eliminate prepayment penalties. With support available in all 50 states, veterans can also access special assistance if they face financial hardship. Whether you’ve served 181 days in peacetime, 90 days in wartime, or are the spouse of a service member who has sacrificed for our country, a VA loan can help make homeownership a reality.
The VA offers a range of loan options specifically designed to support veterans and service members in their pursuit of homeownership. Each loan type comes with its own set of benefits, making it easier for you to find the right solution for your housing needs.
VA loan entitlement is the amount of money the VA guarantees on a home loan, helping veterans secure financing with favorable terms. This guarantee allows veterans to borrower without needing a down payment or paying for private mortgage insurance (PMI).
Each eligible veteran starts with a basic entitlement of $36,000. However, this amount can be higher depending on factors like the county's loan limits and whether the veteran has used their entitlement before. For higher-cost areas, veterans may also qualify for a "bonus entitlement", which helps cover larger loan amounts.Wartime/Conflict Veterans- Veterans who meet the following criteria are eligible:
Must not have been dishonorably discharged and must have served at least 90 days.
Peacetime Service- Veterans who served during peacetime must meet the following criteria:
Reserves and National Guard- Eligible individuals include:
A VA home loan must be used to finance your personal residence within the United States and its territories. You have choices for the type of home you purchase:
Existing Single-Family Home
Townhouse or Condominium in a VA-Approved Project
New Construction Residence
Manufactured Home or Lot
Home Refinances and Certain Types of Home Improvements
You can learn more about the different VA approved property types here.
If you're considering a VA guaranteed loan, reaching out to us at Vision Home Mortgage is your first step toward homeownership. Our experienced team will guide you through the entire application process, ensuring you understand your options and eligibility. We can help you obtain your Certificate of Eligibility (COE), a crucial document that verifies your VA loan benefits.
Once your eligibility is confirmed, we’ll assist you in completing the loan application, gathering the necessary documentation such as proof of income, tax returns, and other financial details. Our team works closely with you to make this process as smooth as possible, ensuring all required information is submitted accurately. After your application is processed and reviewed, we will keep you informed every step of the way until closing. With Vision Home Mortgage by your side, applying for a VA guaranteed loan becomes a streamlined experience, allowing you to focus on finding your dream home. Contact us today at 702-736-3116 to get started or Apply Here!
Yes, it is possible for qualified veterans and service members to have two VA home loans simultaneously, depending on certain circumstances. Your VA loan eligibility is reusable, meaning that if you have paid off your prior VA loan and sold the property, you can have your eligibility restored. Additionally, on a one-time basis, your eligibility may be restored even if you still own the property, provided the prior VA loan has been fully paid off. To initiate the restoration process, the veteran must complete VA Form 26-1880 and submit it to the VA Eligibility Center. To prevent processing delays, it’s advisable to include supporting documentation that shows the previous loan has been paid in full and, if applicable, that the property was sold. This may include a paid-in-full statement from the former lender or a copy of the HUD-1 settlement statement. At Vision Home Mortgage, we can assist you with the restoration process, ensuring you have the necessary documentation and guidance. Having two VA loans can be a valuable option for veterans needing to purchase a second home for various reasons, such as relocating for work or investing in rental property. If you're considering taking advantage of this benefit, reach out to us today, and our experienced team will help you understand your eligibility and navigate the process smoothly.
VA home loans provide a unique path to homeownership for eligible veterans, active-duty service members, and certain military spouses, offering valuable benefits like no down payment, competitive interest rates, and flexible credit requirements. By understanding the range of VA loan options, entitlements, eligibility requirements, and application steps, you can determine if a VA loan aligns with your financial and homeownership goals. Whether it's your first VA loan or you’re considering another, exploring these benefits and working with knowledgeable professionals can make the process smooth and rewarding.
A Non-Qualified Mortgage (Non-QM) loan is a unique loan product that doesn’t follow traditional lending standards and may offer features and flexibility that are not typically found in standard home loans. This is a great option for people who do not qualify for a traditional mortgage.
An FHA loan is a government-insured mortgage designed to make homeownership more accessible, especially for first-time homebuyers. FHA loans offer lower down payment options and more flexible credit requirements, making them a great choice for borrowers with limited savings or less-than-perfect credit.
A USDA loan is a government-backed mortgage program designed to make homeownership more accessible in eligible rural and suburban areas. USDA loans offers a no down payment option, making them ideal for qualified borrowers who meet income and property eligibility requirements.
A jumbo loan is a mortgage that exceeds conventional loan limits, ideal for higher-priced properties. It offers flexibility for buyers in competitive markets and can be a great alternative to putting down a larger down payment than needed to meet the conforming loan limit.