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