What is a VA Loan?

When it comes to buying a home, there are many options available to you. One option that is often overlooked is a VA loan. VA loans are specifically designed to help veterans and active-duty service members achieve the dream of home ownership.  A VA loan is a mortgage loan that is guaranteed by the Department of Veterans Affairs (VA). This means that if you default on the loan, the VA will cover a portion of the lender’s losses. Due to this guarantee, VA loans have more flexible credit standards and require no down payment, making them an attractive option for many home buyers that qualify.

Military dad in uniform with kids

Lloyd B.

Ryan is the greatest! After inquiring about using my VA home loan to purchase a house after several years of renting in San Diego, I going to continue renting after being told by several other lenders to wait until my credit score improved. Ryan was the only one to insist that he could help us in our dream of becoming homeowners, and after a little over 2 months, he delivered on all his promises and my family and I are now in the process of moving into our first home ever in North County San Diego! I am a retired USAF veteran and would gladly recommend Ryan and his company for all of your home financing plans. He is the utmost professional and was always available at any time of the day for any questions or concerns I had with my home buying experience! I will not hesitate to use his company and services in the future! Thank you!

Who is Eligible for a VA Loan?

VA loans are available to a variety of service members including veterans, active-duty personnel, reservists, and members of the National Guard. To be eligible for a VA loan, you must have served at least 90 days of active duty during wartime or 181 days of active duty during peacetime. If you are a spouse of a service member who died in the line of duty or because of a service-related disability, you may also be eligible for a VA loan.

What are the Benefits of a VA Loan?

There are many benefits to using a VA loan to purchase a home. Perhaps the most significant benefit is that VA loans require no down payment. This allows you to purchase a home with no cash out of pocket. Additionally, VA loans have more flexible credit standards than traditional loans, making them easier to qualify for. VA loans also offer competitive interest rates and do not require private mortgage insurance (PMI), which can save you hundreds of dollars per month.

Family of 4 smiling on floor of new home with moving boxes

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What if I've used a VA Loan Before?

If you have used a VA Loan before, you are eligible to use it again. This is because the VA does not have a limit on the number of times you can use this benefit. You can use it multiple times to purchase different properties if you meet certain eligibility criteria. The VA has specific rules and regulations that govern their loan programs. One of the essential requirements that you must meet is that you must have paid off your first VA Loan before you can apply for a second one. The VA also requires that you have enough financial stability to cover the proposed loan amount.

VA loans are an excellent option for veterans and active-duty service members who are looking to purchase a home. If you’re interested in using a VA loan to purchase a home, contact Ryan Gelardi - Saxton Mortgage today to learn more about your options.