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VA mortgage loans enable American Veterans to purchase their dream home at minimum down payments and lower interest rates. Read on for comprehensive information about VA mortgage and find how to secure best home loan program from a reputable VA mortgage lender.
Who is Eligible for a VA Mortgage Loan?
VA mortgage loans are offered to eligible veterans who served on active duty in the Army, Navy, Air Force, Marine Corps or Coast Guard. The veteran should have been discharged under conditions other than dishonorable after either: 90 days or more - any part of which occurred during wartime, or 181 continuous days or more (peacetime). A greater length of service requirement must be met by veterans who: Enlisted (and service began) after September 7, 1980 or were officers and service began after October 16, 1981. These veterans must have completed either: 24 continuous months or more, or The full period for which ordered to active duty, but not less than 90 days (any part during wartime) or 181 continuous days (peacetime).
VA Mortgage
Choose the right mortgage from mortgage lenders which caters your situation
Wartime and Peacetime are defined as in the following table:
| Wartime |
Peacetime |
World War II
9/16/40 - 7/25/47 |
Post-World War II period
7/26/47 - 6/26/50 |
Korean conflict
6/27/50 - 1/31/55 |
Post-Korean period
2/1/55 - 8/4/64 |
Vietnam era
8/5/64 - 5/7/75 |
Post-Vietnam period
5/8/75 - 8/1/90 |
Persian Gulf War
8/2/90 - undetermined |
120/1 |
| [*The Vietnam era begins 2/28/61 for individuals who served in the Republic of Vietnam.] |
Steps to Finding Reliable VA Mortgage Lender
If you are an American veteran then you can apply for a VA home mortgage or VA second mortgage with any mortgage lender who participates in the Veteran Mortgage Loan program. All that is required is a Certificate of Eligibility from the VA and a proof of military service to prove to the VA mortgage lender that you are eligible for the loan. However with scores of lenders offering VA mortgage it is important to find a reputable VA mortgage lender offering best terms and rates on your loan program.
Take care to work with a licensed mortgage lender authorized to offer VA mortgage in your state. Look for a VA mortgage lender requiring no or very little down payments, lower closing costs and interest rates. If you are lost in the maze of offers and wondering which lender to approach then we can help. In case you are looking to secure best VA mortgage loan from a reliable lender then spare few seconds to fill out our simple hassle-free mortgage quote application form. Our mortgage experts will study your requirements and will map you with best VA mortgage lenders offering excellent terms, rates and customized services on your VA mortgage as per your unique requirements.
What is VA Second Mortgage?
Secondary borrowing means getting a second mortgage with a VA-guaranteed first mortgage. Both the mortgages are secured by the same property. The veteran must not be placed in a significantly worse position because of secondary borrowing. The second mortgage and the VA mortgage loan will not be on the same lien position, that is, the second mortgage will be subordinated to the VA-guaranteed loan. Also, the second mortgage will be 1 or 2 percent above the first mortgage rate. In most cases second mortgage with VA loan will be assumable. The lenders offer a reasonable grace period before a late charge comes due or before the commencement of a foreclosure.
Seeking Quality VA Mortgage Lead is Important
VA mortgage lead helps enhance existing loan lending business serving the needs of both borrowers and lenders simultaneously. Many online services provide dependable and exact VA mortgage leads. Lead services may receive over 5,000 leads weekly and may be generated from their own exclusive mortgage lead generation network. Look for VA mortgage lead services that provide leads less than a day old. More often than not, there are no membership fees to get mortgage leads. A secure account to log into whenever you want is all that is needed to get a quality VA mortgage lead. If the information is incorrect or incomplete, the lead could be replaced at no cost.
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