The Veterans Administration (VA) Home Loan is a benefit that is available to more than 22 million veterans and 2 million active duty service members to help them achieve the dream of homeownership.

One of the benefits of a VA Loan is that borrowers can buy a home with a 0% down payment.  In 2017, 79% of all VA loans put down 0%.

Who can apply for a VA Loan?  Those who have served:

  • 90 consecutive days during war time.
  • 181 consecutive days during peace time.
  • More than 6 years in the National Guard or Reserves
  • The spouse of service member who has died in the line of duty or as a result of a service-related disability.
  • Other case specific situations
  • Have satisfactory credit
  • Earn sufficient income
  • Have a valid Certificate of Eligibility (COE), DD Form 214

VA Loan may be used to:

  • Purchase a home
  • Purchase a condo…certain VA conditions may apply…such as a VA approved project
  • Build a home
  • Refinance an existing home loan
  • Make improvements to a home like solar heating or other energy conservation measures.

In 2017, there were:

  • 740,389 Loans Guaranteed
  • 51.3 were Purchase Loans
  • $254,866 was the Average Loan Amount
  • $189 Billion in Total Loans

Now, the good news is that VA purchase loans are on the rise in 46 out of 50 states and Washington D.C.

If you have any questions on your eligibility for a VA Loan or qualifying for a VA loan, feel free to reach out to me by private message or call or text me at 215-778-9687.