General Info

VA Loan

A variety of home loan options are available to you if you are looking for the perfect house. A VA loan may be available to you if you are married to a military spouse. There are many reasons to consider VA loans, but many military families don’t know what they have to offer. As a military spouse, if you’re in the market to buy a home, read on to find out everything you need to know about VA loans to make the best choice.

VA Loans: How Do They Work?

The Department of Veteran Affairs partially guarantees VA loans issued by private lenders. Military personnel, veterans, and surviving spouses are eligible to apply for these loans. When obtaining a home mortgage, military families often turn to VA loans as they offer a good alternative to other loan options.


Qualification requirements will vary from private lender to private lender. However, you must meet certain general requirements in order to qualify. You and your spouse must meet one of the following requirements:

  • Your spouse or you served in active duty for 181 days during peacetime.
  • One or both of you served 90 consecutive days on active duty during wartime.
  • You have served in the National Guard or Reserve for more than six years or have been in the military for more than 90 consecutive days under Title 32.

VA Loans: How to Get One

There are a few differences between conventional and VA loans. In many cases, the VA does not originate loans, but they back a certain percentage of them against default. Because of this, lenders are able to offer VA loans with no down payment and flexible rates and terms, which makes them more attractive than other loans. The VA loan application process is similar to the conventional loan application process. Steps in the process include:

  1. Find out how much you can afford a home by applying for pre-qualification with a VA lender.
  2. Pre-approval: A lender will verify your income and other financial data during the pre-approval process. Pre-approval letters serve as a sign of seriousness to sellers.
  3. Making an Offer: Once you’ve located your ideal home, it’s time to make an offer.
  4. After you are under contract, the VA appraises and underwrites you. In the underwriting period, you must give a more detailed accounting of your income and other financial information. The appraisal determines if the house has a fair market value.
  5. Final step: Sign all paperwork and legal documents.


Veterans Affairs Loans Offer Great Flexibility

Borrowers looking for flexibility should consider a VA loan. Homebuyers can choose between fixed and adjustable rates. Besides that, VA loans can be used for different types of properties, including condos, duplexes, and new construction. Are you a military family looking to buy a home? You are just a few steps away from owning your own home. Please contact Jet direct mortgage for more information about your options.