Did you know there is just a small fraction of our military has used their VA Home Loan Benefit? There are some veterans that don’t even know it exists. The VA Home Loan Benefit is one of the most powerful products with significant financial benefits. With competitive interest rates, and no down payment or private mortgage insurance needed, the VA Loan is a product that our service members can leverage to their advantage. Learn More Here about the VA Loan Benefit. 

Who Qualifies for the VA Home Loan?

To qualify for a VA loan, one must have served for 181 days active duty during peacetime or 90 days active duty during wartime; served 6 years in the National Guard/Reserves, or be a surviving spouse of a veteran that passed from service-related causes. 

Do you meet the above requirements?

The next step would be to obtain the Certificate of Eligibility (COE). A service member can retrieve this through the VA directly or connect with a member of the Aligned Mortgage team who can advise if any additional documentation is needed.
After confirming eligibility, credit and income qualifications will be reviewed.

While the VA doesn’t have any restrictions, VA-approved lenders have minimum requirements for scores. At Aligned Mortgage, the minimum credit score on loans under $679,650 is 580 and anything higher would need a score of at least 600. (There are other qualifying requirements other than credit score that you must be approved for that are also taken into consideration when providing a loan approval.) Get started with our VA Home Loan Checklist Here! 

Who can finance with No Money Down through a VA Loan?

There are a few possibilities. The options include a veteran applying by themselves, a veteran and their spouse on the loan, or a veteran purchasing with another veteran. Borrower/borrowers must intend to occupy the property as their primary residence for one year. Another option would be for a veteran and non-veteran (not married), a 12.5% down payment would be required, and just the veteran must intend to occupy the property for one year.

Aligned Mortgage is passionate about finding out what is possible for your future. Our team has the heart and desire to help a client move from a place of fear to a place of confidence. Have questions? Contact us today for answers at (808) 677-5626.

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