Learn About VA Loans

Welcome to our VA loans page, where we're excited to offer VA home loans with unprecedented benefits. VA home loans are now accessible for amounts up to $4,000,000 with Zero Down payment, making homeownership more attainable than ever. Enjoy fixed interest rates as low as those of Fannie Mae conforming programs, ensuring stability and predictability in your mortgage payments. Say goodbye to monthly MI (Mortgage Insurance), saving you money in the long run. Plus, with FICO Scores as low as 580 (with interest rate adjustment), we strive to accommodate a wide range of borrowers. Available to eligible to members who have served or are currently serving in any of the listed services, including military branches, reserves, Coast Guard, National Guard, NOAA, or PHS Corp. For further details and eligibility criteria, please contact our office.

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What is a VA Loan?

A VA loan is a mortgage loan that is guaranteed by the Department of Veterans Affairs (VA). This means that if you default on the loan, the VA will cover a portion of the lender’s losses. Due to this guarantee, VA loans have more flexible credit standards and require no down payment, making them an attractive option for many home buyers that qualify.

Who is eligible for a VA Loan?

VA loans are available to a variety of service members including:

  • Military Veterans
  • Active-duty personnel
  • Reservists
  • National Guard
  • Space Force
  • NOAA
  • PHS Corp

To be eligible for a VA loan, you must have served at least 90 days of active duty during wartime or 181 days of active duty during peacetime. If you are a spouse of a service member who died in the line of duty or because of a service-related disability, you may also be eligible for a VA loan. Also, each service category has its own qualification criteria.

What are the benefits of a VA Loan?

There are many benefits to using a VA loan to purchase a home. Perhaps the most significant benefit is that VA loans require no down payment. This allows you to purchase a home with no cash out of pocket. Additionally, VA loans have more flexible credit standards than traditional loans, making them easier to qualify for. VA loans also offer competitive interest rates and do not require private mortgage insurance (PMI), which can save you hundreds of dollars per month.

What if I've used a VA Loan Before?

If you have used a VA Loan before, you are eligible to use it again. This is because the VA does not have a limit on the number of times you can use this benefit. You can use it multiple times to purchase different properties if you meet certain eligibility criteria. The VA has specific rules and regulations that govern their loan programs. One of the essential requirements that you must meet is that you must have paid off your first VA Loan before you can apply for a second one. Although, under certain circumstances, with sufficient entitlements remaining, having more than one VA Loan at a given time is possible (call for details). The VA also requires that you have enough financial stability to cover the proposed loan amount.

VA loans are an excellent option for veterans and active-duty service members who are looking to purchase a home. If you’re interested in using a VA loan to purchase a home, contact Bankers Unlimited Mortgage, Inc. today to learn more about your options.