- Designed to offer long-term financing to American veterans, VA mortgage loans are issued by federally qualified lenders and are guaranteed by the U.S. Veterans Administration. The VA determines eligibility and issues a certificate to qualifying applicants to submit to their mortgage lender of choice. It is generally easier to qualify for a VA loan than conventional loans. Eligible service members who have the service requirements can get 100% financing with no PMI. We are a leading provider of VA loans in Pembroke Pines, Coral Springs and Boca Raton, as well as the whole state of Florida. For more information on VA loans or how to qualify, contact our VA loan experts at (954) 362-5402.
Advantages of a VA Loan
There are several advantages for VA loans which make them a great option for active military and veterans, interested in purchasing a home. One of the main benefits of a VA loan is that they offer 100% financing so no down payment is required. Conventional loans typically require 3-20% down which can be a major hurdle for veterans buying a home. Another advantage of VA loans is they do not require private mortgage insurance, just an upfront VA funding fee. Another advantage of a VA loan is that you can use it more than once, as long as the home is paid off. For more advantages on VA loans contact one of our VA experts at (954)362-5402.
How to Qualify for a VA Loan
There is no minimum credit score set by The Veterans Administration, however, lenders often times set there own credit limits, often requiring a 620 credit score, but some lenders may go down to 580, which is the minimum to qualify for a FHA loan. To qualify for a VA loan you do need a certificate of eligibility that proofs you served the minimum amount of time required to utilize this program.
Certificate of Eligibility Requirements
|Vietnam War – August 5, 1964 – May 7, 1975|
|Gulf War – August 2, 1990 – to be determined|
Service during peacetime:
|All – July 26, 1947 – June 26, 1950 and February 1, 1955 – August 4, 1964|
|Enlisted – May 8, 1975 – September 7, 1980|
|Officers – May 8, 1975 – October 16, 1981|
If you were separated from service:
|Enlisted – After September 7, 1980|
|Officers – After October 16, 1981|
* 90 days applies for wartime
Apply for a VA Loan today
If you are active military or a veteran who is interested in buying a home, or refinancing your current VA Loan, Hamilton Mortgage Services can help you. VA loans have many benefits like 100% financing and no PMI, as well as no down payment. We are a leading provider of VA loans in Pembroke Pines, Coral Springs and Boca Raton, as well as the whole state of Florida. For more information on VA loans or how to qualify, contact our VA loan experts at (954) 362-5402.