Everything You Need to Know About the VA Mortgage Loan 

VA Mortgage Lender

Jimmy Sgambelluri

Sr. Mortgage Banker

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Article written by:  Jimmy Sgambelluri
October 26, 2017

The VA mortgage loan, or better known as Veterans Affairs mortgage, has been in great demand of late. It is only available to active military servicemen and veterans, and often does not require a down payment, making it a primary choice for all defense personnel. The Department of Veterans Affairs makes these loans accessible through private lenders and also guarantees them so that the people availing them need not require an insurance. If you an active military member or a veteran, then you might be eligible for a VA loan. Here is everything you need to know about it.

What Makes Me Eligible for the VA Loan?

Almost all members of any military personnel, including reservists, national guards and veterans may apply for a VA loan. Better halves of military members who died on active duty may also apply. All active duty servicemen quality immediately after six months of service, while reservists and national guards have to serve a minimum of 6 years. However, if they are called to active duty before that period, the same 6-month timeline applies. 

During wartime, all military personnel are eligible after a 90 day period. All one needs to do is simply obtain a certificate of eligibility and submit it online. The Department of Veterans Affairs takes care of the rest of process - so you won’t be needing the certificate in hand to start the process. You could start the process almost instantly without worrying about anything at all.

Are There Any Fees? 

Availing a VA loan is usually a seamless process that is also inexpensive compared to other programs in public financial institutions. However, a small one time fee is involved. This fee is largely variable depending upon the amount of down payment and the rank of the serviceman. 

A first-time borrower is required to pay a one time fee of 2.15 percent of the loan amount. This fee, however, can be lowered to 1.25 percent of the loan amount if a down payment of 10 percent or more is made. National Guard Members and reservists usually have to pay an extra 0.25 percent more than active duty members. 

From the second time onwards, the fee will be raised to 3.3 percent of the total loan amount. But if the borrower does receive a disability compensation, this fee is waived. 

What Happens If I Can't Pay the Mortgage? 

In such cases, the Department of Veterans Affairs offers plenty of assistance. They have a dedicated workforce who are committed to offering high-quality support to borrowers who are having trouble repaying their loans. 

The Advantages of a VA Loan

Let’s sum up the benefits of the VA loan. 

  • The biggest advantage is obviously the zero down payment feature. That is something borrowers can’t avail elsewhere. 
  • A VA loan also doesn’t require an insurance plan, and this can save borrowers tons of money every month. 
  • Lastly, nobody has to go through the pain of saving up money over the course of a decade in order to avail a decent loan. 

It is a straight up, hassle-free process that our military personnel and veterans truly deserve!

Work with a local mortgage lender by calling 757-287-4098.

About the Author

Hi, I am Jimmy Sgambelluri, a mortgage loan officer with an undeniable commitment to providing simplicity and clarity to the mortgage process.

You will find that I truly enjoy helping consumers and real estate agents navigate the mortgage maze.

As a Virginia based mortgage professional with over 20 years lending experience, I can help simplify the mortgage process for your family.

When you need somebody with integrity, deep expertise, & resources in the mortgage industry you have found the right person.

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