What is a VA Mortgage Loan

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• WHAT IS A VA MORTGAGE LOAN?

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• A VA mortgage loan is a benefit earned by members
  of the military, both active and former, and
  surviving spouses, one benefit that they will be
  able to take advantage of is being a member of
  the Veterans Association.

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• One of the primary advantages of being a member
  of the VA is being able to take out a mortgage
  through the VA. VA home loans differ from
  traditional mortgages in a number of different
  ways.

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• The Veterans Association is comprised of

• Members of the military

• Both active and former

• Surviving spouses

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• One major benefit they have earned is being able
  to qualify for a VA mortgage loan which is
  different from traditional mortgage loans in
  several ways.

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• SERVICE QUALIFICATIONS

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• The primary difference between a VA home loan and
  other mortgages is that there is a service
  qualification that needs to be met.

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• To qualify for a VA mortgage, a member will need
  to have had at least

• 181 days of active service during peacetime

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• 90 days of active military service during wartime

• have been a member of the reserves for at least 6
  years

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• Surviving spouses whose spouse passed away in the
  line of duty, or later due to an injury sustained
  in the field, will also be eligible to qualify.

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• OTHER QUALIFICATIONS

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• Similar to traditional mortgages, VA home loans
  have various underwriting guidelines that need to
  be followed.

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• However, these guidelines are not typically as
  strict as most other home loans. One of the
  reasons is because a VA loan is guaranteed by
  the U.S. government.

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• Borrowers will need to be able to prove that they
  have a consistent source of income showing they
  will be able to support their new mortgage
  payments.

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• While credit scores will be factored into the
  underwriting process, when it comes to
  determining approval for the loan, the credit
  score requirements are a little less stringent
  with the VA loan process.

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• WHERE TO GET A LOAN

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• While there are hundreds of mortgage lenders and
  banks across the country that offer traditional
  mortgages to consumers, not all banks will be
  certified to provide VA home loans.

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• All VA home loans are guaranteed by the Veterans
  Association, which means that they are low-risk
  to the banks.

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• To qualify to provide these loans, all banks will
  need to be approved by the VA first to ensure
  their ability to meet the demand and needs of
  veteran borrowers.

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• Most major banks and mortgage companies will
  advertise openly if they can offer VA loans.

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• DOWN PAYMENT AND COSTS

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• One of the primary benefits for borrowers of a VA
  home loan is that they can get a loan that does
  not require a down payment.

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• Furthermore, VA borrowers who do not have to come
  up with a down payment will not be required to
  pay private mortgage insurance, which is largely
  due to the VA guarantee on every loan.

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• However, there are some closing costs and funding
  fees to be paid at closing out of pocket by the
  borrower.

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• TYPES OF LOANS AVAILABLE

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• In general, the types of loans that are available
  to veterans are similar to the types of loans
  that are available to the average consumer.

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• VA lenders will typically offer fixed-rate
  mortgage and variable-rate mortgages that range
  from 10 to 30 years in length.

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• Borrowers of VA loans will be able to use a
  mortgage for a refinance, to take cash out, and
  even to receive a second mortgageon their home.
  

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Mortgage Originator Jimmy Vercellino,
specializing in VA loans, helps veterans use
their VA loan benefit to their greatest advantage.
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Be a proud homeowner today. For more details
call 480-351-5904 or visit the site
www.valoansforvets.com
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VA Loans for Vets 7600 E. Doubletree Ranch Road
200 Scottsdale, AZ 85258 Phone (480)
351-5904 Email jimmyv_at_fcbmtg.com
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