Veterans Affairs Home Loans

Home Loans for Active Service Members, Veterans, or Surviving Spouses

When you have dreams of home ownership, it’s hard to know where to start. VA home loans, backed by the U.S. Department of Veterans Affairs, are designed to make home ownership affordable and accessible for those who have served our country. A VA loan can also help you refinance your home.

Landmark National Bank is proud to help service members and veterans with VA loans, bringing them one step closer to realizing their dreams of home ownership.

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What Is a VA Home Loan?

A VA home loan is a special type of home loan with backing from the U.S. Department of Veterans Affairs. Should you, the borrower, fail to make your loan payments or be at risk of home foreclosure, the department will step in to repay a certain share of your home loan to your lender. This safety net provided by the government enables lenders to offer you more advantageous terms.

Introduced in the G.I. Bill of 1944 (officially known as the Servicemen’s Readjustment Act), VA loans were first designed to assist World War II veterans with low-interest mortgages. Today, VA loans are extremely helpful resources for veterans, servicemen and women on active duty, and widowed military spouses, as they provide many benefits that traditional home loans do not offer.

Benefits of a VA Home Loan

Qualifying military personnel and families can enjoy many benefits of VA loans not typically included with average home loans, such as:

No down payment
Low interest rates
No Private Mortgage Insurance (PMI) requirements
No minimum credit score (although lenders typically look for 620 or higher)
No first-time homebuyer requirements
No prepayment penalty
Bankruptcy and foreclosure won’t permanently affect your approval chances

It’s important to note that VA loans can only be used for a primary residence, not vacation or investment properties. You’ll also have to pay a VA funding fee when you obtain your loan.

VA Loan Eligibility Requirements

Those who qualify for a VA loan, according to guidelines set forth by the U.S. Department of Veterans Affairs, include:

Current service members who’ve served for 90 consecutive days or more
Veterans who served either 90 or 181 days, depending on years served
National Guard Members who’ve served for 90 days or more, for those who served before August 2, 1990
Surviving spouses of a service member who died while in service, was pronounced missing in action, or taken as a prisoner of war (POW)

If you’re in a different situation not mentioned or still have questions about VA loan eligibility requirements, feel free to visit the U.S. Department of Veteran Affairs website or contact us, and our friendly mortgage specialists can help.

How Does a VA Loan Work?

Private lenders, including Landmark, provide VA Home Loans. The VA guarantees a portion of the loan, acting as a safety net in case of failure to pay or foreclosure.

In order to obtain a VA home loan, you’ll have to request a COE from the Veterans Affairs Department, which is granted after you’re deemed eligible. Your COE is required to show lenders that you qualify for the loan. If you need assistance in obtaining a COE, our mortgage specialists would be glad to assist.