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VA Loans

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VA Loans

VA Loans help service members, veterans, and eligible surviving spouses become homeowners.

In recent years, VA Loans are more important than ever to our service members. Lenders nationwide have recently started tightening their lending requirements in the wake of the housing market collapse. This has made the VA Loan a lifeline for military homebuyers, many of whom find home buying difficult when faced with tough credit standards and down payment requirements. Galaxy Lending Group is here to make things easier and guide you through the VA loan process.

The Facts About VA Loans:

What Are VA Loans?

VA loans are home loans for the purchase of a primary residence available to consumers who have served or are presently serving in the U.S. military. While the Department of Veterans Affairs (VA) does not lend money for VA loans, it backs loans made by private lenders (banks, savings and loans, or mortgage companies) to veterans who qualify.

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Benefits of VA Loans

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No Down Payment

No down payment required (unless required by the lender or the purchase price is more than the reasonable value of the property).

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Ability to Finance

Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5 percent and exemption for veterans receiving VA compensation).

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Comparable

Closing costs are comparable with other financing types (and may be lower); No mortgage insurance premiums; An assumable mortgage; Right to prepay without penalty.

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VA Assistance

VA assistance to veteran borrowers in default due to temporary financial difficulty; Buyer informed of reasonable value; Negotiable interest rate.

Check Your Eligibility for a VA Loan

You may be eligible for a VA Home Loan if you meet one or more of the following conditions:

Potential homebuyers must satisfy only one of the service requirements set forth by the Department of Veterans Affairs to be eligible for a VA Loan.

Active-duty Veterans with at least 90 consecutive days of service during major conflict.

Peacetime Veterans and active-duty personnel with at least 180 days of consecutive service

National Guard or Reserve members who have more than 6 years of service – unless otherwise eligible

Spouses of service members who died in the line of duty or as a result of a service-related disability

Applicants that meet the basic service requirements will also need to acquire a Certificate of Eligibility (COE)

Interested homebuyers must meet basic credit and income requirements

VA Loans are for first-time and repeat homebuyers alike; meaning, if you used a VA Loan in the past, you still may be eligible for a subsequent VA Home Loan.

How can veterans get started applying for a VA Loan?

Veterans can apply for a VA loan with any mortgage lender that participates in the VA home loan program, but will need a Certificate of Eligibility from the VA to prove to the lender that they are eligible for a VA loan. Lenders can also get the certificate on behalf of their clients.

Homebuyers can obtain their Certificate of Eligibility through a VA approved lender using the Web LGY system, the eBenefits portal on the Department of Veterans Affairs website, or through mail using VA Form 26-1880, Request for a Certificate of Eligibility for Home Loan Benefits. This document is available for download and print online on the VA’s website.

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U.S. Department of Veterans Affairs

VA helps Servicemembers, Veterans, and eligible surviving spouses become homeowners. As part of our mission to serve you, we provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy.

VA Home Loans are provided by private lenders, such as banks and mortgage companies. VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms.

Visit the U.S. Department of Veterans Affairs website for additional information on VA loans.

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