What is a VA Home Loan?
It’s a loan provided by a participating lender like HMAC Team Cal Point Mortgage and is guaranteed by the U.S. Department of Veterans Affairs (VA). This guarantee means we’re able to offer you more favorable terms on a home loan or refinance. You don’t need to be a first-time homebuyer, and you can reuse the benefit.
What Are The Benefits?
The VA offers a few home purchase and refinance programs depending on your needs. In general, these programs can help you purchase a home with a competitive interest rate and often without requiring a down payment (as long as the sales price doesn’t exceed the appraised value) or private mortgage insurance. The VA also offers programs that let you refinance an existing VA home loan or take cash out of your home’s equity.
Other Benefits Include:
- Up to 100% financing is available with no mortgage insurance.
- No appraisal needed on VA Streamline Refinance loans.
- VA rules limit your closing costs.
- Closing costs may be paid by the seller.
- You can’t be charged a penalty fee if you pay off the loan early.
- If you have trouble making payments, the VA may be able to help.
- Surviving spouses of deceased veterans may also be eligible. Contact us for details.
What Do I Need To Be Eligible?
You must be the personal occupant of the home and must have sufficient income, suitable credit and a valid Certificate of Eligibility (COE). To obtain a COE, you must have been discharged under conditions other than dishonorable and meet certain service requirements as listed below.*
|STATUS||QUALIFYING WARTIME & PEACETIME PERIODS||QUALIFYING ACTIVE DUTY DATES||MINIMUM ACTIVE DUTY SERVICE REQUIREMENT|
|Veteran||WWII||9/16/1940 – 7/25/1947||90 total days|
|Post-WWII||7/26/1947 – 6/26/1950||181 continuous days|
|Korean War||6/27/1950 – 1/31/1955||90 total days|
|Post-Korean War||2/1/1955 – 8/4/1964||181 consecutive days|
|Vietnam War||8/5/1964 – 5/7/1975 For veterans who served in the Republic of Vietnam, the beginning date is 2/28/1961.||90 total days|
|Post-Vietnam War||5/8/1975 – 9/7/1980 The ending date for officers is 10/16/1981.||181 continuous days|
|24-month rule||9/8/1980 – 8/1/1990 The beginning date for officers is 10/17/1981.||– 24 continuous months OR – the full period (at least 181 days) for which you were called or ordered to active duty|
|Gulf War||8/2/1990 – Present||– 24 continuous months OR – the full period (at least 90 days) for which you were called or ordered to active duty|
|Currently On Active Duty||Any||Any||90 continuous days|
|National Guard and Reserve Member||Gulf War||8/2/1990 – Present||90 days of active service|
If you do not meet the minimum service requirements, you may still be eligible if you were discharged due to (1) hardship, (2) the convenience of the government, (3) reduction-in-force, (4) certain medical conditions or (5) a service-connected disability. *Table taken from here (http://www.benefits.va.gov/HOMELOANS/purchaseco_certificate.asp) on 12/9/2013. Eligibility requirements are subject to change as deemed necessary by the VA. All VA loans subject to underwriting approval. Certain restrictions apply. Call for details.