Blog :: 04-2011

What is a VA Loan and How does One Qualify?

VA Home Loans for Northern Vermont Veterans Located right on the Canadian border, Derby and East Burke, Vermont benefit from the beautiful landscapes, abundant outdoor activities, and tight-knit communities that offer great schools and friendly neighborhoods. The ideal community setting and low cost of living often makes Northern Vermont a popular choice for civilians and veterans alike, and for veterans interested in purchasing a home in the area they are provided the additional financing benefit of a VA Home Loan. What is a VA Home Loan? A VA loan is a mortgage loan partially backed by the Department of Veterans Affairs. The VAs partial guarantee provides veterans and active duty service members with unique benefits designed to optimize their home buying power. Specific benefits of Vermont VA loans, which veterans would most likely not find with conventional lending programs include:
  • No down payment required
  • Competitive interest rates
  • Flexible loan terms
  • High loan limits
How Do I Obtain a VA Home Loan? Securing a VA Home Loan is a relatively easy process when compared to other lending programs. In as little as 30 days and in five easy steps, military members can find themselves in a new home. After a quick call to a VA loan specialist, military members can expect the following process to secure their home loan:
  • Submit their Certificate of Eligibility
  • Find a home they wish to purchase
  • File their VA Home Loan application
  • Wait for processing and approval
  • Close their VA Home Loan
The VA home loan has lenient eligibility requirements. To become initially eligible for a VA home loan, military members must simply fill certain service requirements. Although the requirements associated with the VA Home Loan program generally relate to service, VA-approved lenders will require a credit score of at least 620 for loan approval. Military members with credit scores below 620 or with imperfect credit histories are still encouraged to apply. Guest Post by Matt Polsky


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