Why VA Mortgage Programs?

A VA Mortgage is a residential home loan created by veterans and is guaranteed by the US Department of Veterans Affairs. This loan is exclusively available to eligible American veterans or for their surviving spouses.

Since 1944, VA Mortgage loans are loans has helped millions of active-duty and ex-military families become homeowners. At Equity One Lending, we take pride in serving those who served our country in our armed forces.

The VA Loan provides veterans with a federally guaranteed home loan which requires no down payment. This program was designed to provide housing and assistance for veterans and their families.

The Veterans Administration provides insurance to lenders in the case that you default on a loan. Because the mortgage is guaranteed, lenders will offer a lower interest rate and terms than a conventional home loan. VA home loans are available in all 50 states. A VA loan may also have reduced closing costs and no prepayment penalties.

Get pre-approved

Get an immediate response to your online application.

Chart 1: COE eligibility requirements
Qualifying Event Active Duty Veteran
Any Gulf War 24-month rule Post-Vietnam Vietnam
Active Duty Dates Any 8/2/1990 – Present 9/8/1980 - 8/1/1990* 5/8/1975 - 9/7/1980** 8/5/1964 - 5/7/1975***
Qualifying Event Veteran
Post-Korea Korean War Post-WWII WWII Nat. Guard & Res. (Gulf War)
Active Duty Dates 2/1/1955 - 8/4/1964 6/27/1950 - 1/31/1955 7/26/1947 - 6/26/1950 9/16/1940 - 7/25/1947 8/2/1990 – Present
Active Duty Service 181 cont. days 90 total days 181 cont. days 90 total days 90 days active service
Spouse of a veteran
  • Unremarried spouse of a veteran dying in service or from a service connected disability
  • Spouse of a service member missing in action or a prisoner of war
  • Surviving spouse who remarries on or after age 57, and on or after 12/16/03****
  • Surviving spouses of certain totally disabled veterans whose disability may not have been cause of death
National Guard and Reserve
  • Six years of service in the Selected Reserve or National Guard, and
  • 1) Honorable discharge; (2) Placed on the retired list; (3) Transfer to the Standby Reserve or an element of the Ready Reserve other than the Selected Reserve after honorable service, or (4) Continued service in the Selected Reserve
Others eligible
  • Certain U.S. citizens with military service for U.S. WWII allies
  • Merchant seaman with World War II service
  • Academy cadets or midshipmen (Army, AF, Navy, Coast Guard)
  • Certain public health service officers or officers of the National Oceanic & Atmospheric Administration
  • Not enough service but discharged due to hardship, convenience of the government, reduction-in-force, certain medical conditions or a service-connected disability
*Officer start date: 10/17/1981 **Officer end date: 10/16/1981 *** Start date for service in the Republic of Vietnam: 2/28/1961****A surviving spouse remarried before 12/6/03 and reaching age 57, must have applied by 12/15/04 for eligibility.

Additionally there are services that may be offered to veterans in danger of defaulting on their loans. VA home loans are available to military personal that have either served 181 days during peacetime, 90 days during war, or a spouse of serviceman either killed or missing in action.

 

Eligibility

It is very important to know and identify if you are one of those eligible for a VA mortgage. Eligible borrowers should have a Form DD-214, that should specify entitlement. Most National Guard and other active duty members are said to be eligible after their 90 days of service. To obtain a VA home loan, an applicant must obtain a Certificate of Eligibility.

Requirements

Unlike other loans, VA mortgages do not take a classic approach of calculating borrowing capacity. Their residual income approach to calculating affordability makes the most important requirement the borrower’s ability to repay the loan.

If you are a veteran and VA eligible, Equity One Lending can help you maximize your benefits with a VA mortgage.

Advantages of a VA Mortgage

VA Mortgage require $0 down payment. That is the great advantage of this loan. With a VA mortgage, sellers can pay all closing costs as well. VA mortgages also have no monthly mortgage insurance premiums. This translates into low payments.

One-Time VA Funding Fee

Instead of mortgage insurance, the Veterans Administration charges borrowers a one-time funding fee. Disabled veterans may be waived of this fee. The amount of the funding fee varies, based on down payment.

Other Loan Programs

Investor Loans

When you're looking for a home loan, there are many factors that determine the terms and interest rates you'll receive from lenders. One of these is whether you're buying a first home . . .

Read More

Conventional Mortgage

Conventional products provide a wide variety of homebuying and refinancing options for well-qualified borrowers. Government products restrict lending to only primary residences . . .

Read More

USDA

People are often overwhelmed by the different kinds of mortgages available today. Are you one of those people thinking of planning a property? If you have an idea of what you are . . .

Read More

First Time Buyer Programs

Exploring local & national first-time homebuyer assistance programs is an important step in the journey to homeownership. Buying a first home is a big deal, so we here to help you!

Read More

FHA Loans

FHA loans are mortgages that are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment.

Read More

Portfolio Products

Many borrowers need flexible products with low-interest rates, flexible terms, and minimal down payments. Affordability is the key to many borrowers being able to buy homes or . . .

Read More

Qualify for a mortgage online

Qualify securely and quickly online from the convenience of your home or office. 100% free with no application fees. Then get a fast response with products and options.

Apply now!

Speak to a Mortgage Specialist

Are you uncomfortable starting online? We are always available for a phone call and we'd love to sit down with you and discuss your goals and how we can help you accomplish them!

Talk Now!