VA Loans 101

February 25, 2020 Mortgage Refinance,Mortgages

MoneyTips

Veterans Affairs (VA) loans are invaluable for homebuyers. Their advantages include little or no money down, qualifying with a lower credit score, competitive interest rates, potentially lower closing and auxiliary costs, and no private mortgage insurance requirements.

VA loans are administered through approved lending institutions and backed through an entitlement of up to $36,000. This entitlement can guarantee a home loan of up to 484,350 without a down payment and possibly higher in some high-cost counties.

You may qualify for a VA loan if you’re an active duty service member, a veteran in good standing, a current or discharged National Guard or Selected Reserve member, a spouse of a service member who died on active duty, or a spouse of a veteran who died as a result of military service. Your lender will require a Certificate of Eligibility, which requires different evi…

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