How do I get a VA loan?
VA loans benefit military veterans, service members, and eligible surviving spouses. These loans provide financing with no down payment options, higher debt-to-income ratios and lower interest rates than traditional mortgages.
First, you’ll need to obtain a Certificate of Eligibility (COE) if you plan to apply for a purchase loan or cash-out refinance. Your COE will help prove to your lender that you qualify for a VA-backed loan.
From there, you will need to find a lender. Choosing the right lender may seem simple, but it’s essential to do your research. Consider a lender that will be your partner throughout the loan process, answer questions promptly and help you find a VA loan that fits your life. When using a VA loan, make sure the house you’re interested in meets the VA’s minimum property requirements before making an offer.
Is the VA loan a good option?
VA loans are benefits for those who qualify and provide a fantastic opportunity to buy a home with no money down, no mortgage insurance, lower interest rates and convenient options to potentially refinance at a lower rate.
The U.S. Department of Veterans Affairs (VA) guarantees a portion of the VA home loan, making it easier to qualify. Individual lenders may have their own requirements, but the VA doesn’t have a minimum credit score requirement, allowing for a higher debt-to-income (DTI) ratio. With more lenient guidelines, eligible borrowers may qualify for a larger or more expensive home than they would with an alternative home loan.
VA loan types
There are several VA-backed home loans to choose from, including:
- Purchase loan
- Cash-out refinance loan
- Interest Rate Reduction Refinance Loan (IRRRL)
- Native American Direct Loan (NADL) program
Each loan program has unique benefits, such as better loan terms, the ability to buy or build on federal trust land, reduced monthly payments, or using your home equity to pay for expenses and debt.
Whether you’re interested in your first home, an investment property or a place to renovate, we’re here to answer your questions or help you begin the VA loan process.
Take the next step with Guild Mortgage
If you’re interested in learning more about VA loans, please fill out our contact form to get in touch with a loan officer. Our loan officers will be happy to answer any questions you may have about the VA loan process, your options and the requirements.
The above information is for educational purposes only. All information, loan programs and interest rates are subject to change without notice. All loans subject to underwriter approval. Terms and conditions apply. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.