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VA Home Loans Simplified
The VA home loan program, backed by the U.S. Department of Veterans Affairs, facilitates home ownership for eligible veterans and their spouses through flexible financing options, often with no down payment or mortgage insurance. Since its inception in 1944, it has enabled over 20 million veterans to secure homes, offering better interest rates due to government backing. The application process involves obtaining a certificate of eligibility, with support from approved lenders and mortgage specialists to ensure qualification.
VA Home Loans Simplified
- 2. What is theVA Home Loan Program? • VA home loans are mortgages guaranteed by the U.S. Department of Veterans Affairs. • They were designed to offer long-term financing to eligible American veterans or their spouses to purchase homes. • VA loans are provided by approved lenders, like New American Funding. • Since the Department of Veteran Affairs insures VA loans against default, interest rates and terms are better than other mortgage loans. State Licensing Information. All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications. Rates, terms and conditions are subject to change without notice.
- 3. VA Home Loans:By the Numbers The VA Home Loan has helped more than 20 million veterans achieve the dream of homeownership. Created in 1944, the program continues to provide borrowers with mortgage and refinancing options with flexible requirements, lower fees and no required mortgage insurance or down payment for those who qualify. 630,000 Total VA Loans State Licensing Information. $225,000 Average Loan Amount $142 Billion In VA Lending 17% Increase in Total Number of Loans Source: 2013 Department of Veterans Affairs Report. Percentage change is calculated from the previous year. All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications. Rates, terms and conditions are subject to change without notice.
- 4. Benefits of VAHome Loans • No down payment required • Negotiable interest rates • Adjustable & fixed rate mortgage options • No monthly mortgage insurance premiums • Right to prepay loan without penalty State Licensing Information. • VA assistance to borrowers due to financial difficulty • Ability to finance the VA funding fee • Reduced funding fees with a down payment of at least 5% and exemption for veterans receiving VA compensation All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications. Rates, terms and conditions are subject to change without notice.
- 5. What Can IFinance with a VA Loan? Build a home State Licensing Information. VA Loan Buy a home, a condominium unit in a VA-approved project Simultaneously purchase and improve a home Improve a home by installing energy-related features or making energy efficient improvements Buy a manufactured home and/or lot. All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications. Rates, terms and conditions are subject to change without notice.
- 6. Service Requirements QualifyingWartime & Peacetime Periods State Licensing Information. Qualifying Active Duty Dates Minimum Active Duty Service Requirements WWII 9/16/1940 - 7/25/1947 90 total days Post-WWII 7/26/1947 - 6/26/1950 181 continuous days Korean War 6/27/1950 - 1/31/1955 90 total days Post-Korean War 2/1/1955 - 8/4/1964 181 continuous days Vietnam War 8/5/1964 - 5/7/1975 *For Veterans who served in the Republic of Vietnam, the beginning date is 2/28/1961 90 total days Post-Vietnam War 5/8/1975 - 9/7/1980 *The ending date for officers is 10/16/1981 181 continuous days 24-month rule 9/8/1980 - 8/1/1990 *The beginning date for officers is 10/17/1981 24 continuous months, OR The full period (at least 181 days) for which you were called or ordered to active duty Gulf War 8/2/1990 - Present 24 continuous months, OR The full period (at least 90 days) for which you were called or ordered to active duty Veterans All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications. Rates, terms and conditions are subject to change without notice.
- 7. Service Requirements ActiveDuty Qualifying Wartime & Peacetime Periods State Licensing Information. Qualifying Active Duty Dates Minimum Active Duty Service Requirements Any Any 90 continuous days National Guard and Reserve Members Qualifying Active Duty Dates 8/2/1990 - Present Six years of service in the Selected Reserve or National Guard, AND • Were discharged honorably, OR • Were placed on the retired list, OR • Were transferred to the Standby Reserve or an element of the Ready Reserve other than the Selected Reserve after service characterized as honorable, OR • Continue to serve in the Selected Reserve All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications. Rates, terms and conditions are subject to change without notice.
- 8. The Process Applyfor a Certificate of Eligibility Our licensed mortgage specialists will help you gather the necessary forms. Qualification A New American Funding mortgage specialist will work with you to ensure you qualify for the best home loan available. Then, we will refer you to a Real Estate agent in our preferred network. New American Funding will order an appraisal from a VA assigned appraiser. We take care of the home State Licensing Information. Home Appraisal appraisal for you, so you get the most accurate evaluation of the home. Close the Loan New American Funding is authorized by VA to approve and close the loan without waiting for the VA’s review of the credit application. All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications. Rates, terms and conditions are subject to change without notice.
- 9. VA Home LoansSimplifed Learn More About Home Financing and First-Time Homebuyer Programs State Licensing Information. www.NewAmericanFunding.com All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications. Rates, terms and conditions are subject to change without notice.
- 10. State Licensing Information. All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications. Rates, terms and conditions are subject to change without notice.