VA Home Loan program helps Service members, Veterans, and eligible surviving spouses become homeowners.
Huron Valley Financial provides this loan allowing access to more favorable terms.
VA provides policy, guidelines and oversight of the program. Lenders provide financing for eligible Veterans.
The guaranty allows Veterans to obtain a competitive loan without a down payment. Lenders need a Certificate of Eligibility to prove entitlement. Your length of service or service commitment, duty status and character of service determine your eligibility for specific home loan benefits.
- Primary Residence Only
- $0 Down
- NO Mortgage Insurance
- Competitive Rates
- Max Loan Amount: $424,100
- Min FICO 620
- Mortgage is assumable
- Power of Attorney allowed
- 100% Allowable Closing Costs
- Up to 4% Toward
- VA Funding FeePaying off Debt/Judgment
- 1 – 4 Unit
- PUD-Planned Unit Development
- Site Condos
- Condos-must be approved
- New Construction
- Condo's must be approved
The law authorizes VA to guarantee loans made to eligible veterans only for the following purposes:
- To purchase or construct a residence, including a condominium unit to be owned and occupied by the veteran as a home:
-the loan may include simultaneous purchase of the land on which the residence is situated or will be situated,
-loans may also be guaranteed for the construction of a residence on land already owned by the veteran (a portion of the loan may be used to refinance a purchase money mortgage or sales contract for the purchase of the land, subject to reasonable value requirements)
-the residential property may not consist of more than four family units and one business unit except in the case of certain joint loans.
- To refinance an existing VA-guaranteed or direct loan for the purpose of a lower interest rate.
- To refinance an existing mortgage loan or other indebtedness secured by a lien of record on a residence owned and occupied by the veteran as a home.
- To repair, alter, or improve a residence owned by the veteran and occupied as a home.
- To simultaneously purchase and improve a home.
- To improve a residence owned and occupied by the veteran as the veteran’s home through the installation of a solar heating system, a solar heating and cooling system, or a combined solar heating and cooling system, or through the application of a residential energy conservation measure.To purchase a one-family residential unit in a condominium housing development approved by VA.
- These energy efficiency improvement loans can be made in conjunction with any type of VA purchase or refinancing loan.
- To purchase a farm residence to be owned and occupied by the veteran as a home. If the loan includes the purchase of farmland, the farmland is appraised at its residential value only.
The law authorizes VA to guarantee loans made to ‘ineligible’ veterans only for the following purposes:
- Purchase of unimproved land with the intent to improve it at some future date (that is, the land purchase is not in conjunction with a construction loan).
- Purchase or construction of a dwelling for investment purposes.
- Purchase or construction of a combined residential and business property, unless,
-the property is primarily for residential purposes,
-there is not more than one business unit, and
-the nonresidential area does not exceed 25 percent of the total floor area.
- Purchase of more than one separate residential unit or lot unless the veteran will occupy one unit and there is evidence that:
-the residential units are unavailable separately,
-the residential units have a common owner,
-the residential units have been treated as one unit in the past, and
-the residential units are assessed as one unit, or
-partition is not practical, as when one unit serves the other(s) in some respect; for example, common approaches or driveways.
Limitations on VA loan size are primarily attributable to two factors:
- Lenders who sell their VA loans in the secondary market must limit the size of those loans to the maximums prescribed by Government National Mortgage Association (GNMA) or whatever conduit they use to sell the loans.
- VA limits the amount of the loan to the reasonable value of the property shown on the NOV plus the cost of energy efficiency improvements up to
$6,000 plus the VA funding fee, with the following exceptions.
In general, maximum guaranty, assuming the veteran has full entitlement, is as shown in the table below.
Note: The percentage and amount of guaranty is based on the loan amount including the funding fee portion when the fee is paid from loan proceeds.
VA Certificate Of Eligibility (COE)
For Purchase and Cash-Out Refinance Loans, borrowers must have suitable credit, sufficient income and a valid Certificate of Eligibility (COE) to be eligible for a VA-guaranteed home loan. The COE verifies to the lender that the borrower qualifies for a VA loan.
To obtain a COE for a Veteran we must have a copy of the DD Form 214 which provides the type of service and the reason for separation. Typically the borrower must have been discharged under conditions other than dishonorable. If a borrower is an active duty service member and does not have the DD Form 214 we will need a current signed statement of service or other acceptable documentation. The specific documentation will depend on whether the borrower has been discharged or is active and the type of branch of service. A detail description of the types of documentation can be found on the VA site as well as documentation needed for a surviving spouse to apply for a COE.
You must have suitable credit, sufficient income, and a valid Certificate of Eligibility (COE) to be eligible for a VA-guaranteed home loan. The home must be for your own personal occupancy. The eligibility requirements to obtain a COE are listed below for Service-members and Veterans, spouses, and other eligible beneficiaries.
VA home loans can be used to:
- Buy a home, a condominium unit in a VA-approved project
- Build a home
- Simultaneously purchase and improve a home
- Improve a home by installing energy-related features or making energy efficient improvements
- Buy a manufactured home and/or lot.
To obtain a COE, you must have been discharged under conditions other than dishonorable and meet the service requirements
Interested in VA Financing?
"It's not If you can Buy it's When!"