VA Loans and Income Verification: Guard and Reserve Pay
When considering a VA Loan, there are many guidelines that designate eligibility. Before getting started on the process, it is important for a potential borrower to understand all of the requirements associated with a VA Loan. Although all VA Loan guidelines will need to be explained by a lender, here is a sampling of what to expect:
Purchase with $0 Down
- A VA mortgage is one of the only loan programs that still allow the borrower to finance 100% of the home's value and purchase with $0 down.
- Now more than ever banks are requiring large down payments for conventional loans. In many cases they require 10-20% down, putting home ownership out of reach for many prospective buyers.
Tracking down the home loan that will best suit your needs can be a tricky proposition. There are more options available today than ever; variety is great, but narrowing down the list of potential options can be daunting. Like most people, you probably want to secure a mortgage that will easily fit within your budget, but that will also allow you to move into the home that is right for you and your family. Virtually everyone has a vast array of home loan options to choose from, but if you're a veteran or if you are an active member of the United States military, you have one extra option at your disposal: a VA home loan.
buy a home with no down payment!
VA Loan Features
- 30-, 20- & 15-year fixed-rate and 5-year ARM loans available
- Refinance up to 100% of your primary home’s value
- VA Streamline Refinance with a reduced funding fee and flexible documentation requirements – available for veterans currently in VA loans
Texas Military Benefit from VA Home Loans Finding Lower Rates with Security America Mortgage VA Mortgage Experts
The VA loan benefit is offered to all qualifying veterans who have met their time in service requirements and/or discharge requirements. Some military people use their VA home loan benefits as soon as they are eligible, while others wait until later in life to invest in a home.
The more you know about our home loan program, the more you will realize how little "red tape" there really is in getting a VA loan.
These loans are often made without any down payment at all, and frequently offer lower interest rates than ordinarily available with other kinds of loans.
Veterans with active duty service that was not dishonorable, during World War II and later periods are eligible for VA loan benefits. World War II (September 16, 1940 to July 25, 1947), Korean conflict (June 27, 1950 to January 31, 1955), and Vietnam era (August 5, 1964 to May 7, 1975) veterans must have at least 90 days' service. Veterans with service only during peacetime periods and active duty military personnel must have had more than 180 days' active service. Veterans of enlisted service which began after September 7, 1980, or officers with service beginning after October 16, 1981, must in most cases have served at least 2 years.
Why a VA Loan?
The more you know about our home loan program, the more you will realize how little "red tape" there really is in getting a VA loan. These loans are often made without any down payment at all, and frequently offer lower interest rates than ordinarily available with other kinds of loans. Aside from the veteran's certificate of eligibility and the VA-assigned appraisal, the application process is not much different than any other type of mortgage loan. And if the lender is approved for automatic processing, as more and more lenders are now, a buyer's loan can be processed and closed by the lender without waiting for VA's approval of the credit application.