Guaranteed by the U.S. Department of Veteran Affairs, the VA loan program is designed to assist both current active duty military members and veterans achieve homeownership. Eligible borrowers for this program are allowed to borrow at a higher percentage of the home value and the loan is guaranteed by the government against default.
Active members of the military, veterans, and members of the National Guard are qualified to apply for VA loans. Spouses of service-connected disability or deceased military members may also apply for these types of loans.
There is no minimum down payment required and no monthly mortgage insurance payments. The minimum credit score required is as low as 500.
Keep in mind, when choosing to take out a VA loan, a one-time Funding Fee will still be required. The amount depends upon the size of the loan and the type of veteran applying. Even though VA loans generally have lesser costs than other types of loans, it is still good to keep this one-time fee in mind.
For further queries, please Contact The Eric Vavere Team today and find out if you qualify for a VA loan.
We had an aggressive pre-approval timeline and an aggressive loan contingency timeline, and Eric’s team met those milestones. Eric also gave great advice, and the rate we received was extremely competitive. Thank you for the great experience.Yip
Eric and his team were great to work with. They locked me in at a great rate and helped me achieve a pre-approval that made my offer more competitive. Eric even went out of his way to call the listing agent to solidify my offer when there were multiple competing offers. Without this, I am unsure if the seller would have accepted my offer. Thanks again, Eric!Tikker
Eric and his team were efficient, thorough, and very helpful throughout the whole process. As first-time buyers, we had many questions; Eric and Team were very informative and proactive when explaining each step. They were always quick to respond to communications and got us closed in 21 days. We would definitely use them again in the future.Radtke
Professionalism from top to bottom. Still can’t believe how smooth things went. One of the best teams to work with. Thank you so much Eric and team and look forward to doing continued business in the future.Michel
My wife and I recently purchased our first home. We worked closely with Eric Vavere on the loan. Eric was patient, knowledgeable, and supportive throughout the purchase . He took the time to understand our situation and advice us on the best approach to secure a loan. The actual loan process was smooth and clear. We were able to communicate with Eric and his team easily and we understood each step in the process thanks to his communication. We would definitely work with Eric and his team again!Madigan
When it came time to perform, they were lightning fast and were able to give us a competitive edge with fast loan and escrow times. Everyone that communicated with me from the team were very friendly. Highly recommend Eric and his team.Kim
Eric and team were incredible – quickly providing me confirmation of a loan, and coaching me through the process every step of the way. Super grateful to Eric and team for helping land me my dream homeDeyan