The VA loan program was created to help veterans, active-duty service members, and eligible surviving spouses achieve homeownership. Backed by the Department of Veterans Affairs, it offers several advantages not found in most other loan types.
1. No Down Payment Required, in Most Cases
One of the best-known VA benefits is the ability to finance a home with no down payment for eligible borrowers, which removes one of the biggest barriers to homeownership for many military families.
2. No Ongoing Mortgage Insurance
Unlike FHA and many conventional loans with less than 20 percent down, VA loans do not require monthly mortgage insurance. Instead, most borrowers pay a one-time VA funding fee, which can often be rolled into the loan.
3. Competitive Terms and Flexible Credit Guidelines
VA loans typically come with competitive terms compared to other loan types, and guidelines tend to be more flexible for borrowers who may have had past credit challenges related to deployments or service-related circumstances.
4. Who Is Eligible
- Veterans who meet length-of-service requirements
- Active-duty service members
- Certain members of the National Guard and Reserves
- Eligible surviving spouses of service members
5. The Certificate of Eligibility
Before applying, you will need a Certificate of Eligibility, which confirms your entitlement to VA loan benefits. A loan officer experienced with VA financing can help you obtain this document and walk you through the rest of the process.
Put Your VA Benefit to Work
Ovation Mortgage is proud to help veterans and service members in Texas and Colorado use their VA loan benefit to buy a home. Apply online or contact us to see what you qualify for.
