Can Anyone Get a VA Loan?
For most Americans, buying a home requires a significant down payment (up to 20% of the purchase price), putting homeownership out of reach. However, for active service members, veterans, and eligible surviving spouses, it’s possible to purchase a home with little or no money down through the VA loan program.
In today’s competitive housing market, military members enlist the VA for assistance with the mortgage loan process. While the VA does offer a variety of mortgage products nationwide, it’s important to understand the requirements.
What is a VA Loan?
Designed exclusively for the military, the VA loan is a mortgage loan established by the U.S. Department of Veterans Affairs (VA). The program assists active service members, veterans, and surviving spouses in achieving homeownership without a down payment or excellent credit. These loans are issued by private lenders and partially guaranteed by the VA, allowing zero financing and low-interest rates.
According to data from the VA, VA loans were up 16.5 percent in 2021 from 2020, with a total of 1.4 million loans funded last year totaling more than $375 billion. Since the program’s inception in 1944, the VA has backed more than 25 million home loans.
Am I Eligible for a VA Loan?
Active members serving in the Army, Navy, Air Force, Marines, Coast Guard, Space Force, National Oceanic Atmospheric Administration (NOAA), and Public Health Service (USPHS) are eligible for a VA loan.
However, you may qualify for a VA loan if you meet one or more of the following eligibility requirements:
You must be the loan borrower or co-borrower
You must have an Honorable discharge status.
You served 90 consecutive days of active service during wartime.
You served 181 days of active service during peacetime or 24 continuous months.
You have six years of service in the National Guard or Reserves.
You are the surviving spouse of a veteran who passed serving or from a service-connected disability and have not remarried.
You must not owe more than $2,000 due to a federal tax lien or be delinquent in making child support payments.
Benefits of VA Loans
Compared to other mortgages, VA loans offer generous terms and countless benefits for those who qualify, including:
No or Minimal Down Payment
No Private Mortgage Insurance (PMI)
Lowest Interest Rates
Lenient Credit Standards
Multiple Use of Benefit
To learn more about these and other related benefits, read our The Benefits of VA Loans blog.
Partner with Pacor Mortgage
Getting a VA Loan is easy when you partner with Pacor Mortgage! Since 1986, our expert real estate team has helped aspiring homeowners like you navigate the challenging and constantly changing real estate market. We would be honored to help get you into the home of your dreams. Visit our website to learn more about our Veterans Affairs lending options, or call us at 773-881-7744 to schedule an appointment.
