VA Loans

To be eligible for a VA (Veterans Administration) loan an individual must have served in active duty for 180 days during peacetime or at least a 90 day service during a war with an honorable discharge. 

Also eligible is a spouse of a military person killed or missing in action.

Qualifying for a VA loan is no different than qualifying for any other loan.  The same applications are completed as a regular loan; however, the certificate of eligibility and a VA approved appraisal must be submitted.

The Veterans Administration guarantees the loan with an approved lender that protects the lender against any loss if the payments are not made. 

A VA loan in most cases offers loans with no down payment, and frequently offer lower interest rates.  Each county has different loan limits that VA will finance.

Another function of a VA loan is that it is an assumable loan meaning that another person can step into the loan and make the payments.  The Vet cannot finance another VA loan unless their previous one is paid off.

Applying for a VA loan is one of the great benefits of being in the military. 

VA loans streamlined and refinanced

A VA loan can also be refinanced or streamlined.  Call Legacy Financial Services to speak with a VA loan expert to find out the details at: 888-838-4768