The more you know!

-Current active-duty regular military service members with minimum 90days continuous service.

-Veterans who were discharged honorably.

-Reservist or National Guard members -6yrs service

-Surviving spouse of eligible veteran

The certificate of eligibility (COE) can be obtained on the VA.gov website or certified VA mortgage lender can retrieve.  The COE will show the amount of entitlement available for a VA home loan.

VA doesn’t have a minimal credit score, but the mortgage service will, and the score will vary per mortgage lender.  F&M minimum is 580 middle score.

30yr, 25yr, 20yr and 15yr terms are available for VA mortgage loans.

The interest rates are lower on a VA loan than a traditional conventional loan.  VA loans are government insured and are typically anywhere from .25-1% lower rate. 

VA requires a minimum of 2yrs full time work history with minimum gaps in employment.  A college/university degree can be used as on the job experience if working in specific field of study. 

There is a myth that the veteran can only use their VA home loan benefit one time. This simply isn’t true.  If the veteran has paid in full their first VA loan, they have freed up 100% eligibility and are eligible for another VA loan.  Also, the veteran can split their entitlement into 2 properties at the same time depending on how much entitlement was used on the first VA loan and the remaining entitlement.  This amount can be formulated by the lender with a current COE.  VA loans can only be used as primary residence.

That is correct, the VA loan is 100% guaranteed loan for qualified veterans, no downpayment is required.  Just like any other mortgage loan there are closing cost and this cost cannot be added into the loan.  Different mortgage lender will have different closing cost amounts.  

The VA appraisal is ordered from the mortgage company directly from the VA.  The appraisal is assigned to a licensed VA appraiser by the VA not the mortgage company. The appraisal is required to ensure the veteran is paying fair market value for the property and note any required repairs or safety issues with the house.  The VA appraisal is different from a home inspection.  The home inspection is a very detailed report of any issues or repairs that need to be addresses and repaired but there is no value given to the house from a home inspection report.

There is no limit on a VA loan if you have full entitlement but there are different loan limits per county. If the loan is over these limits there could be some downpayment required.  Mortgage lenders have loan limits determined on income, credit, and assets.

The eligible veteran and their spouse can be on the deed and contract, or two non-married eligible veterans can split their entitlement and be on the contract and deed together.  Otherwise, the VA will not allow anyone else to be on contract or deed.

No, there is no PMI on a VA home loan.