VA Loans

What are VA Mortgage Loans?

In order to render support to the military service personnel, the government of the United States formed the VA Mortgage loans. This type of program helps the military members to buy homes with ease. The VA mortgage home loans are approved by a Veteran United Home Agency and are guaranteed by the federal government. Since its initiation, VA mortgage loans have supported millions of veterans with their families in home buying by its huge and noticeable merits as compared to the traditional mortgage loans.


Nowadays, VA mortgage loan program has become an essential choice for the military professionals. Few years back due to the crisis in real estate market there came a burdensome change for the first time home buyers as lending requirements got stricter. Higher down payments and rigid credit scores proved heavy to these buyers. VA mortgage home loans thus came as a lifeline for the veterans.

What are the benefits of getting a VA Mortgage Loan?

VA mortgage loan programs have been appropriately designed to suit the unique needs military personnel and veterans including their families. VA home mortgage loans are flexible and have the support from federal government. Additionally, current mortgage rates for VA loans are very competitive; no down payments or PMI. All these characteristics of VA home mortgage loans make it an awesome choice for the veterans and military members.


Other benefits of VA loans mortgage are:


  • Engaging current mortgage rates for VA loans
  • No down payment requirements
  • No private mortgage insurance needed
  • VA mortgage home loans allow veterans to use their basic housing allowance (BHA) to pay their monthly costs.
  • There is no penalty as far as pre-payment is concerned in VA loans mortgage

VA mortgage loans help individuals – specifically the veterans of the United States to create huge equity while being in home and this eventually saves them a gigantic chunks of cash i.e. dollar money on their mortgage term.

Who qualifies for a VA Mortgage Loan?

People who can apply for the eligibility process in VA mortgage loans consist of veterans, active military personnel and also spouses who are survived by their military husbands.


An individual is considered to be eligible for the VA home mortgage loan program:


  • If he/she has remained active as veteran having served at least 90 consecutive day’s service during conflict times.
  • Active military members or veterans of peacetime carrying 180 consecutive day’s service record.
  • Reserve Force or National Guards having more than 6 years of service
  • Spouses of deceased military members whose partners died or became disabled while serving the nation.

Finally, a COE – Certificate of Eligibility has to be acquired by the applicants who clear the above mentioned eligibility process.