Many people start out early in life thinking about buying a home. The eligibility for a VA home loan offers those who would normally be shut out of the home buying market the opportunity to purchase a home. This is made possible by government-backed loans.
In order to be eligible for a VA home loan, applicants must possess a valid Certificate of Eligibility Occupancy (CEO), agree to use the property for personal occupancy and have agreeable credit. Financing a home through VA funding can get confusing when trying to stay within the format of Veteran Administration (VA) regulation. Flagship Financial is a qualified source of information and can direct clients when moving through VA home loan requirements.
Veterans of WWII and Vietnam have an active duty requirement of 90 days. Post war times list a 181-day requirement of active service. The Gulf war and other confrontations require 90 days of continuous active service. A spouse of a veteran can also apply for VA home loan benefits if, they remain unmarried, spouse died in war related activity or from war related injuries or if the person is a spouse of a totally disabled veterans. Allies of the United States, under certain conditions, may also apply for a “VA Home Loan”.
The VA home loan also, opens opportunities for officials related to public service positions. The chance to benefit from low interest loans backed by the Federal government is open to those participating in the following: United States Military Academy, United States Naval Academy, Coast Guard Academy, merchant seamen and other affiliated governmental agencies.
Flagship Financial maintains a pulse on changes in interest rates and VA regulations and can help get all benefits due to you through from military or government service. Finance a home without PMI and pay nothing down. If interested in refinancing, we are able to help with that too. Those with mortgages financed by the VA can benefit from VA refinancing programs.
- No appraisal
- No added expense
- Lower credit scores
- No income verification
- No qualifying debt percentage
- VA Refinancing
If a VA loan is presently a part of your home mortgage there are options that allow consumers to refinance at lower rates. Interest Rate Reduction Refinancing offers low interest rates, assisting veterans in affording home financing. If a VA loan was used previously and repaid, property sold and payment made in full or another veteran entitled to benefits signs for the loan a person may purchase a home backed by VA home loan financing.
Credit and funding is sometimes an obstacle for those with the dream of buying a home. Financing through the VA makes obtaining funds for a home accessible for those without the funds otherwise. The versatility of VA lending, makes it possible for most applicants to buy homes.