The United States Department of Veterans Affairs (VA) offers some special support in the home buying process for veterans, active servicemembers, reservists, and eligible spouses / beneficiaries. In the case of purchasing a new primary residence, the VA Purchase Loans program makes it much easier for those who have served our country to purchase a home.
The way that VA Purchase Loans work involves the home buyer being “backed” by the VA when they begin to work with a lender. The VA guarantees a portion of the loan, and provides other services / programs that allows the lender to offer more favorable terms; sometimes even financing up to 100% of the sales price. Cornerstone First Financial has years of experience helping those who serve / have served in our military buy homes. We would be honored to assist you with the VA home loans program. Please contact us with any questions!
Requirements for VA Purchase Loans
A full list of service requirements to receive your Certificate of Eligibility (COE) can be found on the VA website. A few basic financial requirements are listed below.
- 4% Maximum Seller Concession
- 640 Middle Credit Score
- Bankruptcy must be at least 2 years from date of discharge
- Foreclosure must be at least 3 years from date of discharge
- No Reserve Requirement
Learn about our VA Streamline Refinance Programs.
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While the U.S. Department of Veterans Affairs does have a financed funding fee (which is waived in the event of a service related disability), government rates are normally far lower than similar conventional options creating an incredible opportunity for those who qualify.
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CONTACT US to speak to one of our knowledgeable mortgage loan officers or to receive more information on our mortgage loan products and services, including VA Purchase Loans.
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