Do You Have to Make a Down Payment for a VA Loan

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• DO YOU HAVE TO MAKE A DOWN PAYMENT FOR A VA LOAN?

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• The VA home loan program was initially set up for
  the benefit of World War II veterans returning to
  civilian life after the war.

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• Anyone who had served in the military for 90 days
  between Sept. 16, 1940 and Sept. 2, 1945 was
  eligible.

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• Veterans could apply anytime within two years of
  separating from the military or within 2 years of
  the wars end.

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• When the Korean War started in June of that year,
  Congress extended the VA loan benefits to
  include Korean War veterans.

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• In the fall of 1970, President Nixon signed the
  Veterans Housing Act of 1970 into law.

This new era for the VA mortgage program
eliminated any kind of expiration date on VA loan
benefits.
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• The result was that nearly 9 million veterans
  whose loan entitlement had expired were suddenly
  eligible again.

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• Today, nearly 70 years after its creation, the VA
  Loan Guaranty program continues to help veterans
  and their families on the path to homeownership.

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Advantages of a VA loan
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• The biggest advantage of a home loan guaranteed
  by the VA is the fact that no down payment is
  required to purchase a home.

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• With conventional lenders requiring 10 to 20
  down to qualify for a home loan, the no down
  payment required for veterans is a huge bonus.

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• A VA loan also doesn't require mortgage
  insurance, like FHA and conventional loans do,
  with less than a 20 down payment.

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• This advantage can equate into a significant
  monthly savings for VA borrowers.

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Eligibility Requirements for a VA Loan
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• Today, most members of the military, veterans,
  reservists and National Guard members are
  eligible to apply for a VA loan.

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• In addition, spouses of military members who died
  while on active duty or resulting from a
  service-connected disability are also eligible.

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• For active-duty military personnel, they
  generally qualify after about 6 months of service.

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• Reservists and members of the National Guard must
  wait 6 years to apply for a VA loan.

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• However, if they are called to active duty before
  that, their eligibility begins after only 181
  days of service.

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Steps to Acquiring a VA Guaranteed Loan
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• Select a VA-approved Lender

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• Obtain a Certificate of Eligibility (COE)

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Your lender can help you obtain a Certificate of
Eligibility (COE).
The COE will prove that you meet initial
eligibility standards for VA loan benefits.
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• It will also let the lender know how much
  entitlement you can receive.

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• Pre-Qualify for Your Loan Amount

Although not required in the loan process,
pre-qualifying is important.
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To pre-qualify, youll need to reveal your
income, credit history, employment, marital
status and other factors that can affect the loan
amount for which you are eligible.
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Loan Amounts
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For 2017, the maximum VA loan amount is 424,100
with the following exception if you are buying a
home in certain areas of the country
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like Hawaii or California where home prices are
above the national average, higher loan limits
are available.
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Mortgage Originator Jimmy Vercellino,
specializing in VA loans, helps veterans use
their VA loan benefit to their greatest advantage.
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Be a proud homeowner today. For more details
call 480-351-5904 or visit the site
www.valoansforvets.com
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VA Loans for Vets 7600 E. Doubletree Ranch Road
200 Scottsdale, AZ 85258 Phone (480)
351-5904 Email jimmyv_at_fcbmtg.com
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