VA Purchase Loan
To qualify for a VA Purchase loan, you must have approved credit, certain income requirements and get a Certificate of Eligibility (COE). The VA Loan was designed to offer long-term financing to eligible American veterans or their surviving spouses. The spouses must not be re-married.
The flagship benefit of this program is the ability to purchase a home without the need for a down payment; however, the program also includes benefits such as:
- No monthly mortgage insurance premiums, saving you anywhere from 0.3 percent to 1.15 percent of the entire loan amount each year.
- No minimum credit requirements set by the VA; however, most lenders require a score of at least 620.
- Competitively low interest rates, made available from the Department of Veterans Affairs guaranteeing a portion of each loan.
- No penalties for paying the mortgage off early, allowing homebuyers to pay off their mortgage at a faster pace if able.
Our Veterans Administration Mortgage Loan Specialists are available to answer any questions you have.
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