Key Benefits of VA Home Loans:

• No Down Payment Required: One of the biggest advantages of a VA loan is that it allows you to buy a home with zero down payment—a rare benefit in home financing.
• No Private Mortgage Insurance (PMI): Unlike conventional loans, VA loans don’t require you to pay for private mortgage insurance, which can save you hundreds of dollars each month.
• Competitive Interest Rates: VA loans typically offer lower interest rates than conventional mortgages, saving you money over the life of the loan.
• Flexible Credit Requirements: While VA loans don’t have a set minimum credit score, most lenders will work with borrowers who may have lower credit scores compared to conventional loan applicants.
• No Prepayment Penalty: VA loans come with no prepayment penalty, allowing you to pay off your loan early without facing additional fees.
• Assumable Loan: Like FHA loans, VA loans can be assumed by another buyer, which could be a great selling point if interest rates rise in the future.

Who Qualifies for a VA Loan?

To be eligible for a VA loan, you must meet certain service requirements as set by the Department of Veterans Affairs:

• Veterans who served a minimum number of days on active duty.
• Active-duty service members currently serving.
• National Guard and Reserve members with at least six years of service.
• Surviving spouses of veterans who died in service or as a result of a service-connected disability.

You will also need a Certificate of Eligibility (COE), which confirms your eligibility for the program. We can help you obtain this certificate during the loan process.

VA Loan Requirements:

• No Down Payment: Most VA loans don’t require a down payment, although one can be made to reduce monthly payments or build equity faster.
• Credit Requirements: While there’s no set minimum credit score for VA loans, most lenders typically look for a credit score of 620 or higher.
• Primary Residence: The home must be used as your primary residence.
• Funding Fee: VA loans require a one-time funding fee, which can be rolled into the loan. This fee helps keep the VA loan program running, but it can be waived for veterans with service-related disabilities.

Types of VA Loans:

• VA Purchase Loan: Buy a home with no down payment and lower closing costs.
• VA Refinance Loan: Take advantage of lower interest rates or tap into your home’s equity with a VA cash-out refinance.
• Interest Rate Reduction Refinance Loan (IRRRL): Also known as a VA streamline refinance, this loan helps veterans lower their interest rates and monthly payments quickly and easily.

Why Choose a VA Loan?

VA home loans offer unique advantages that are hard to find with any other type of mortgage. Whether you’re buying your first home or looking to refinance, VA loans provide a path to affordable homeownership with the benefits you deserve.

Ready to Take Advantage of Your VA Loan Benefits?

If you’re a veteran, active service member, or eligible spouse, contact us today to learn more about how a VA loan can help you achieve homeownership. We’re here to guide you through the process and make sure you get the most out of your benefits.

**Secured Lending Group is not affiliated with or acting on behalf of or at the direction of FHA, VA, USDA or the Federal Government.