Helping Veterans, Active-Duty Personnel, and Surviving Spouses Buy a Home
Buying a home is no easy feat. For many, it takes years of hard work, budgeting, and saving to even consider purchasing a home. But, for veterans, active duty service members, and widowed military spouses, buying a home can be even more of a challenge than it is for the typical person. Fortunately, Landmark National Bank is proud to help our local veterans and military families with Veterans Affairs (VA) home loans.
What are VA home loans?
VA home loans are mortgage loans backed by the U.S. Department of Veterans Affairs, which means they agree to repay a portion of your home loan to your lender if you are unable to make your payments or if you face foreclosure on your home. This governmental support allows lenders to provide you with more favorable 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.
The Benefits of VA Loans
Unlike conventional loans, VA loans provide a wide range of unique benefits for military personnel and families, including:
- No down payment
- No limit on the amount you can borrow (but there is a limit to the liability the VA takes on)
- Low interest rates
- No Private Mortgage Insurance (PMI) requirements
- No minimum credit score (although lenders typically look for a 620 or higher)
- No first-time home buyer 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 your primary residence or to refinance an existing loan. Additionally, VA loans require a funding fee
How do I qualify for a VA loan?
To qualify for a VA loan, you must meet the following criteria set by the Department of Veterans affairs:
- You are an honorably discharged veteran or active-duty service member with 90 consecutive days of active service during wartime, or 181 days of active service during peacetime.
- You have served more than six years in the National Guard or Selected Reserve.
- You’re the spouse of a military service member who died in the line of duty.
In addition to meeting these qualifications, you will also need a Certificate of Eligibility (COE) to show your lender you meet the requirements.
Call Landmark National Bank Today for VA Loans
At Landmark National Bank, we are proud to help veterans, military personnel on active duty, and surviving spouses find the home they deserve. To learn more about our VA loans or to find out if you qualify, give our mortgage specialists a call today.