VA Loan

For Military Veterans & Their Families

Veterans Affairs (VA) home loans are for U.S. veterans, active-duty military and/or their immediate families. Partially backed or guaranteed by the Department of Veterans Affairs, a VA loan offers zero down payment options for those who qualify.

What are the benefits of a VA Loan?

  • $0 down payment options
  • Lower interest rates
  • Special exceptions in VA funding fees for veterans receiving VA compensation
  • No period for pre-payment of a loan
  • Assistance for veterans with defaulted payments
  • Individuals are able to leverage VA loan options more than once
  • 100% cash-out refinance on the actual cost of the home

How to qualify for a VA Loan?

  • Must obtain Certificate of Eligibility
  • When you fulfill minimum requirements of type and length of service, the VA will issue you a Certificate of Eligibility
  • A minimum credit score of 620 or higher
  • Meet the minimum debt-to-income (DTI) requirements
    • To find your DTI ratio, add up your monthly debt payments and divide the total by your monthly income before tax. The debt-to-income ratio should not be greater than 60%
  • Additional funds required to cover funding fees imposed by the VA. You may get an exemption from the funding fee if:
  • You are suffering from a disability caused while serving
  • You have a history of or are currently receiving VA disability

Property Requirements for VA Loan

  • The homebuyer, either self or spouse, must occupy the property within 60 days of closing
    • Purchased property must be primary residence
    • American Independent Mortgage experts can help you get a Certificate of Eligibility if needed

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