Are you looking for a Mortgage in Georgia?

No Down Payment: One of the most significant advantages of VA loans is that they typically do not require a down payment. This makes homeownership more accessible to eligible military personnel.

No Private Mortgage Insurance (PMI): Unlike many other loan programs, VA loans do not require private mortgage insurance, which can result in cost savings for borrowers.

Competitive Interest Rates: VA loans often come with competitive interest rates, which can result in lower monthly mortgage payments.

Flexible Credit Requirements: While there are no specific credit score requirements set by the VA, lenders may have their own credit standards. However, VA loans generally have more lenient credit requirements compared to conventional loans.

Assistance with Closing Costs: The VA allows sellers to contribute towards the buyer’s closing costs, which can reduce the upfront expenses for the borrower.

Purchase of Primary Residences: VA loans are primarily intended for the purchase of primary residences, making them a suitable choice for veterans and active-duty military personnel looking to establish a home for their families.

No Prepayment Penalties: Borrowers can pay off a VA loan early without incurring prepayment penalties, allowing for more flexibility in managing their mortgage.

Guaranteed by the VA: VA loans are partially guaranteed by the Department of Veterans Affairs, which reduces the risk for lenders and enables them to offer favorable terms to veterans and service members.

Use of Entitlement: Eligible veterans and service members can use their VA loan entitlement multiple times, either for subsequent home purchases or refinances, as long as they meet certain criteria.

Eligibility: You must meet the VA’s eligibility requirements, which typically include one or more of the following:

• You are an active-duty service member.
• You are a veteran who has served a minimum period of time (typically 90 consecutive days during wartime or 181 days during peacetime, with longer service requirements for certain periods).
• You are a member of the National Guard or Reserves who has completed six years of service.
• You are a surviving spouse of a service member who died in the line of duty or as a result of a service-connected disability.

Certificate of Eligibility (COE): You will need to obtain a Certificate of Eligibility to prove your eligibility for the loan. You can obtain this through your mortgage advisor

Credit and Income Requirements: VA loans are known for being more lenient when it comes to credit requirements. A credit score of 580 or higher is often recommended for a 0% down payment. 

Property Eligibility: The home you intend to purchase with a VA loan must meet certain requirements, including being your primary residence. VA loans can be used to buy single-family homes, condominiums, and some multi-unit properties (up to four units).

Funding Fee: There is a one-time funding fee associated with VA loans, which varies depending on your military status, down payment amount, and whether you’ve used the VA loan program before. In some cases, this fee can be waived for disabled veterans.