VA Home Loan Benefits and Eligibility

VA Home Loan Benefits and Eligibility

This time of year we feel grateful for many things in our lives, especially home ownership. If you are a Veteran, you may have heard there are Veteran home loan benefits available to you. Let’s take a closer look at VA home loans to better understand what is offered and who qualifies. 

Details of a VA Home Loan 
A VA home loan is a mortgage loan in the United States that is guaranteed by the U.S. Department of Veterans Affairs (VA). VA home loans are offered to Veterans, Active-Duty Servicemembers, Reserve/National Guard Servicemembers, and eligible spouses. These loans can help you build a home, repair your current home, or become a homeowner. 

Some benefits to the VA home loan program are zero down payments or Private Mortgage Insurance (PMI), low interest rates, limited closing costs, and the lifetime use of VA home loan program. Some lenders may require down payments for a VA backed loan, and some restrictions may apply.  

VA loans can be for either refinancing or purchasing and come as either fixed or adjustable-rate mortgages (ARMs). Private approved lenders like Peoples Mortgage Company can offer VA backed home loans and help you every step of the way. Peoples Mortgage also offers loans for Veterans with up to $6,000 for energy-efficient improvements. There are some great benefits that you should take advantage of when it comes to VA home loans. Now let’s look at who can qualify for these types of loans. 

You are eligible if you have served under the following timelines and were honorably discharged: 

  • 6 years Reserve Duty 
  • 2 years Active Duty 
  • 90 days war time 
  • 181 days non-war time 

Eligible Spouses 

  • You are eligible if you are a spouse to a service member who has died while in the line of duty or as a result of a service-related disability 
    Full eligibility requirements can be found here: 

If you fall under the eligibility requirements listed above, you must provide a Certificate of Eligibility (COE) to start the loan process. This certificate helps mortgage companies like Peoples Mortgage to know that you qualify for this loan program and our Loan Officers can help you obtain it. You have given your time and service, now let our Loan Officers help you utilize this beneficial program with your home financing needs.  

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