As a current service member or veteran, you are entitled to a variety of benefits, including home loans. If you’re considering buying, building, or improving a home, you may be eligible for a VA purchase loan, with which you can save significantly during the process. You can even use a VA loan with no down payment.
In addition to the inherent benefits of using a VA loan to build a house or purchase a new home, you can take advantage of competitive interest rates and a customer-centric approval process by getting a loan with United Executives.
A VA purchase loan is a home loan that is backed by the U.S. Department of Veterans Affairs. VA purchase loans are designed to help current and veteran service members buy a home. VA purchase loans typically have better terms and interest rates, and do not require a down payment. For those who qualify, a VA home loan is usually the best option.
A VA Purchase Loan can be used to:
With a VA purchase loan, you can achieve virtually any of your homeownership needs and goals—you can even use a VA loan for a mobile home.
To be eligible for a VA purchase loan, there are two different sets of requirements to consider: those for the VA and those for your mortgage lender.
To qualify for a mortgage, your lender will have their own requirements. At Griffin Funding, our VA loan requirements include:
If you’ve had a recent credit event or bankruptcy, other terms may also apply. If you comply with these VA purchase loan guidelines, you can move forward with the mortgage application process.
If you have further questions about VA purchase loan guidelines, our knowledgeable loan officers can clarify how this loan program works and determine whether you qualify. If you do not qualify for a VA loan to build a house or purchase a home, Griffin Funding has a variety of other mortgage options available.
Applying for and receiving your VA purchase loan entails several steps:
Using the latest technology and streamlined processes, we are typically able to complete this process in 30 days or less.
There is not a specific loan limit that you can borrow on a VA purchase loan, but prior to 2020, there were limits to how much of a loan the VA will insure. Traditionally, the amount the VA would guarantee was compliant with the limits set by the Federal Housing Finance Agency—known as the conforming loan limit.
However, as of 2020, there are no longer VA home loan limits (unless you have more than one active VA loan), making the dream of homeownership open to more veterans and service members than ever before—as long as they meet the loan qualification requirements.
You may have to pay some closing costs. While you do not pay a down payment or monthly mortgage insurance with VA home you may be responsible for other closing costs, including:
Typically, closing costs are negotiated between the buyer and seller.
In addition to the VA purchase loan, there are other types of VA home loans, including:
Cash-Out Refinance Loan: Refinance your mortgage and use the equity in your home to get cash to pay off debts or address other needs.
Once you have qualified for your COE, you’ll need to find a mortgage lender—and we encourage you to choose Griffin Funding. We are dedicated to making the mortgage process as quick and painless as possible, usually completing everything within 30 days or less.
If you’re ready to build, buy, or improve your home with a VA purchase loan, call us at (626) 967-9000.
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