No Money Down
Conventional home loan programs require down payments to purchase a home. The VA Home Loan benefit allows you to finance up to 100 percent with no down payment.
VA Home Loan Benefits Guide
The Best Choice For Military Members & Veterans!
VA Home Loan benefits are the best mortgage choice for military members, Veterans, and their surviving spouses. For most VA borrowers, the VA loan benefit is a better option than conventional loans or FHA loans.
Why Choose A VA Loan
Advantages Of VA Home Loan Benefits
Well known as a no-money-down loan, the VA home loan guidelines provide a low-fee option for military members meeting the eligibility requirements set in place by the Veterans Administration.
No Monthly Mortgage Insurance
Because the federal government guarantees a portion of your VA loan, VA Home Loans require no down payment and no private mortgage insurance, saving you money compared to conventional loans.
Low Minimum Credit Score
VA loans require an acceptable credit history and sufficient income. Compared to other home loan programs, VA guidelines are more flexible. Approval for credit scores as low as 580 may be possible.
Limits On Closing Costs
The Veterans Administration sets fixed limits on closing costs charged to Veteran applicants. The money you save can provide money for home improvements or furnishings.
Lifetime Benefit
A common misconception is that the VA Home Loan benefit is only a one-time benefit. You can have more than one VA loan at the same time and reuse this benefit throughout your lifetime.
Competitive Interest Rates
Since the Veterans Administration guarantees a portion of every VA loan, lenders are often able to offer lower interest rates to Veteran borrowers.
Eligibility
VA Loan Eligibility
Who is eligible to receive VA home loan benefits? Do you have the proper service requirements to get a VA loan?
Service Requirements
If you or your deceased spouse served a minimum of 90 consecutive days of active military duty during wartime, a minimum of 181 days of post-wartime service, or a minimum of 6 years in the National Guard or Reserve, you may be eligible for a VA Home Loan benefit.
Income Requirements
VA Lenders and the Veterans Administration have income requirements that must be met in order to qualify for a VA Home Loan. These requirements vary by state, family size, and home size. On average, the VA has placed a maximum debt-to-income ratio of approximately 41%, but in some cases a higher ratio is allowed.
Credit Requirements
VA loans do not have specific credit scoring requirements. Lenders set their own standards for risk. VA loans require borrowers to have no delinquent accounts in the last 12 months unless there are extenuating circumstances. In some cases, loan approval is allowed 12 months after a bankruptcy or foreclosure.
Certificate Of Eligibility
If you're eligible for a VA Home Purchase Loan or Cash Out Refinance, you'll need to prove to lenders you qualify by getting a Certificate of Eligibility. A surviving spouse may only apply for eligibility through a lender like Veterans Own Mortgage or via mail.
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VA Home Loan Limitations
Primary Residence Use
You cannot use your VA Home Loan benefits to purchase a vacation home or rental property. However, you can buy a new primary residence if you have lived in your prior home for at least 12 months. Likewise, you can use your benefit to purchase a 2-4 unit home, but it must be your primary residence.
Specialized Programs
VA Loan & Refinancing Experts
The VA Home Loan benefit is the best mortgage choice for military members, Veterans, and their surviving spouses. For almost every Veteran, it is a better choice than a Conventional, FHA, or USDA loan.
100% VA Cash Out Refinance
This type of loan helps you get cash from the equity in your home. Most lenders cap the loan amount at 90% of the home value - not Veterans Own Mortgage. You may qualify for our 100% VA cash out loan.
Apply For A VA Cash Out Refinance →VA Debt Consolidation
From unexpected medical bills to high interest credit cards, debt can happen to anyone. A VA military debt consolidation loan may help reduce your monthly payments.
Apply For A VA Debt Consolidation Loan →VA Loans & Bankruptcy
There is hope for veterans and service members after a VA bankruptcy. We help eligible Veterans with credit scores as low as 580. You may qualify in as little as 12 months after discharge.
Apply For A VA Loan After Bankruptcy →VA Loans For Non-Veterans
With Veterans Own Mortgage, you may qualify to apply with your brother, sister, parent or any other person instead of being limited to a spouse as co-borrower.
Apply For A VA Loan With A Non-Veteran →Low Credit Score VA Loans
If you have a lower credit score you may not qualify for a VA loan with many lenders. Call Veterans Own Mortgage now to see if you qualify with a credit score as low as 580.
Apply For A VA Loan With A Low Credit Score →Asset Based Mortgages
Asset-based lending allows you to use an IRA, 401(k), or other retirement accounts as income. This can be a great option for retired Veterans or borrowers with significant assets but limited monthly income.
Apply For An Asset Based Mortgage →What Our Veterans Say
Customer Reviews
★★★★★
"I just want to thank you very much for your work to help us refinance our loans. I know you had to do so much work for us and we really appreciate it."Mary - Hanover, PA
★★★★★
My mother recently had a refinance with Veterans Own Mortgage. The process was easy for her to follow and the loan representative was very helpful.Dorothy - San Diego, CA
★★★★★
"This company out did themselves in my expectations. They were not pushy; they waited on me and kept contact with me."Paul - Waynesboro, PA
★★★★★
I am a Veteran and they helped me understand the best options with my VA loan. They were great all through the process.Jeff - Richmond, VA
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