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VA Loan

        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
Service Requirements:

  • At least 90 days active duty – with other than dishonorable discharge
  • Less than 90 days active duty – if discharged for a service-connected disability
Gulf War – August 2, 1990 – to be determined
Service Requirements:

  • 24 months continuous active-duty – with other than dishonorable discharge
  • At least 90 days or completed the full term that he or she was ordered to active duty with other than dishonorable discharge
  • At least 90 days active duty – and discharged for hardship, early out, convenience of the Government, reduction in force, condition interfered with duty or compensable service-connected disability
  • Less than 90 days active duty – if discharged for a service-connected disability

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
Service Requirements:

  • At least 181* days continuous active duty – with other than dishonorable discharge
  • Less than 181 days active duty – if discharged for a service-connected disability

If you were separated from service:

Enlisted – After September 7, 1980
Officers – After October 16, 1981
Service Requirements:

  • 24 months continuous active duty – with other than dishonorable discharge
  • At least 181 days or completed the full term that he or she was ordered to active duty with other than dishonorable discharge
  • At least 181 days active duty – and discharged for hardship, early out, convenience of the Government, reduction in force, condition interfered with duty or compensable service-connected disability
  • Less than 181 days active duty – if discharged for a service-connected disability

* 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.

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