Who is eligible for a VA loan?

VA, or veteran affairs, loans are backed by the government and can appeal to buyers looking to purchase a home with little to no down payment. Suppose you're currently in the military, an eligible veteran, or a qualifying spouse of a service member. In that case, you should look into applying for a VA loan when purchasing a home.

Qualifying individuals and service members can obtain a VA loan to purchase a home as their primary residence, even if they've already taken out a VA loan in the past. Since the government guarantees these loans, there is little to no risk for lenders. VA loans often enable service members to purchase a home with no down payment.

A huge advantage of utilizing a VA loan is that you don't have to purchase mortgage insurance. Typically, with other mortgage options, you do need to buy mortgage insurance, especially if it is a loan like the FHA loan, which doesn't require a large down payment.

Let's dive into everything you need to know about these special government-backed loans, including rates, qualification requirements, and benefits. If you are a veteran with a disability, you could receive additional benefits from VA loans, so make sure you read the full article.

Who Qualifies for a VA Loan?

You could be eligible for a VA loan if…

• You meet the service requirements
• You are an unremarried spouse of a service member who died from a service-related disability or died in service
• You are an eligable spouse who is receiving Dependency and Indeminty Compensation Benefits
• You are the spouse of a service member who is missing in action or a prisoner of war
• Your credit is satisfactory, however, past foreclosures or bankruptcies don't always disqualify you, contact Modern Lending for more information
• You have proof of employment and an income for at least two years
• Your monthly debt will not exceed 40% of your monthly gross income, however, there are also exceptions to this rule, contact Modern Lending for more information

If you have any questions, don't hesitate to reach out to the professional lenders at Modern Lending.

Modern Lending Can Help You Get the Home of Your Dreams

A VA loan could be a good choice if you can't afford a large down payment, or you don't have perfect credit. Be aware that you will need to provide proof of military service to be eligible and you'll likely have to pay a funding fee that could add significant cost to your loan.

A VA loan is an important benefit earned by our military. If you qualify, you can get a great interest rate with no money down, which means homeownership can be more achievable than you thought! If you have questions or you're ready to apply and begin the journey to owning a home, then reach out to Modern Lending and start the application process today!