Veterans Administration Loan

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Veterans Administration (VA) loans are available to qualified veterans, reservists and active servicemen and women. These loans allow you to secure a mortgage up to a specified amount with no down payment and with flexible qualifying guidelines. The loans typically offer lower interest rates than you would find on any other mortgage. An application, a veteran’s certificate of eligibility and a VA-assigned appraisal are required.

The law requires the following in order to obtain a VA loan:

• The applicant be an eligible veteran who has available entitlement.
• The loan be for an eligible purpose such as the purchase of a primary home.
• The veteran occupy or intend to occupy the property as a home within a reasonable period of time after closing the loan.
• The veteran be a satisfactory credit risk.
• The income of the veteran and or spouse be stable and sufficient to meet the mortgage payments, cover the costs of owning a home, take care of other obligations and expenses and have enough left over for family support.

Find out more about VA loans at the VA’s Home Loan guaranty website: www.homeloans.va.gov.

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