VA Loans


VA loans began in 1944 under the original Serviceman’s Readjustment Act known as the GI Bill of Rights and were designed to aid in the purchase of housing and general assistance for veterans and their families. Today, more than 25.5 million veterans and service personals are eligible for this type of financing and its many advantages. To meet the requirements for this type of loan a candidate must have served on active duty and have a discharge other than dishonorable after a minimum of 90 days of service during a time of war or a minimum of 181 continuous days during peacetime.

Additionally, there is a two-year requirement if the veteran enlisted and began their service after September 7th, 1980 or was an officer and began their service after October 16, 1981. There exists a six-year requirement for National Guards and reservists with certain criteria and there are specific rules concerning the eligibility of surviving spouses.

A maximum of 25 percent of a home loan will be guaranteed by the VA for a loan value up to $104,250. This means that the limit placed on a loan will be no greater than $417,000.  Additionally, it is important to keep in mind that veterans aren’t automatically eligible for this type of loan and are still required to apply for this program.

One of the benefits of a VA loan is that it allows the borrower to qualify for a larger loan amount than a traditional private conforming loan. While a traditional conforming loan allow the borrower to insure a monthly payment up to 28% of their monthly gross income, a VA loan will allow the borrower up to 41% of their gross monthly income

At the time of application a borrower seeking a VA loan will be required to complete a standard 1003 form. In order to complete this properly the borrower will need to attain copies of their W2 statements for the previous 2 years, as well as copies of their two previous pay stubs, documentation of all assets, and a DD 214 or Certificate of Guarantee

At Mortgage Team 1, we specialize in providing some of the most competitive rates for VA loans available in the nation!

Contact us at (251) 650-0805 for further information on VA loans or click here for a quick and easy quote and take a step toward your dream of home ownership!


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