VA Loan

For Military Veterans & Their Families

Veterans Affairs (VA) home loans are for U.S. veterans, active-duty military and/or their immediate families. Partially backed or guaranteed by the Department of Veterans Affairs, a VA loan offers zero down payment options for those who qualify.

What are the benefits of a VA Loan?

• $0 down payment options
• Lower interest rates
• Special exceptions in VA funding fees for veterans receiving VA compensation
• No period for pre-payment of a loan
• Assistance for veterans with defaulted payments
• Individuals are able to leverage VA loan options more than once
• 100% cash-out refinance on the actual cost of the home

How to qualify for a VA Loan?

• Must obtain Certificate of Eligibility
• When you fulfill minimum requirements of type and length of service, the VA will issue you a Certificate of Eligibility
• A minimum credit score of 620 or higher
• Meet the minimum debt-to-income (DTI) requirements
• To find your DTI ratio, add up your monthly debt payments and divide the total by your monthly income before tax. The debt-to-income ratio should not be greater than 60%
• Additional funds required to cover funding fees imposed by the VA. You may get an exemption from the funding fee if:
• You are suffering from a disability caused while serving
• You have a history of or are currently receiving VA disability

Property Requirements for VA Loan

• The homebuyer, either self or spouse, must occupy the property within 60 days of closing
• Purchased property must be primary residence
• American Independent Mortgage experts can help you get a Certificate of Eligibility if needed