What is a VA Home Loan?
For veterans, active service members, and eligible surviving spouses, the Veterans Administration offer VA loans with a lower interest rate and down payment. This mortgage option enables those who has served our country to easier navigate the homebuying process. While the mortgage is made by lenders like GoPrime, it’s backed by the Department of Veterans Affairs.
VA Loan Requirements
The main requirement for a VA home loan is military status – you must either be a veteran or actively serving in a branch of the military. Some surviving spouses may also be eligible for VA loans. In order to apply for a VA loan, you need to show a Certificate of Eligibility, which you can apply for through the VA website, or your mortgage lender can help you get started!
Unlike FHA loans or USDA loans, there are no requirements from the VA regarding debt-to-income ratio, credit score, or employment history. The only additional guideline beyond a COE is that the loan can must be used for your primary residence.
Advantages of a VA Loan
If you’re actively serving in the military, are a veteran, or are a surviving spouse, speak with a GoPrime mortgage lender in your area today to see if a VA loan is right for you! We have loan officers licensed across the nation ready to help you find your path to homeownership!
