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City Edge Financial

VA Loans

The Department of Veterans Affairs offers veterans, and current military members access to a flexible home loan program called the VA loan. Borrowers can get 100% financing with flexible guidelines, making it easy to own a home.

What are VA Loans?

VA loans are 100% loans backed by the Department of Veteran Affairs. Veterans can borrow 100% of a home’s sales price to purchase a home. The VA offers the most flexible guidelines, including flexible credit score and debt-to-income ratio requirements, making it easy for veterans to secure financing.

Unlike FHA loans, VA loans don’t charge mortgage insurance, giving veterans the best chance at owning a home and being able to afford their mortgage.

Who is Eligible?

VA loans are loans for veterans of the military, National Guard and Reserves, and current military members with at least 90 days of consecutive service. In some instances, surviving spouses may be eligible too. For example, if your spouse lost his/her life in the line of duty, you may be eligible to use their benefit.

How do VA Loans Work?

The VA has the most flexible guidelines, making it easy for veterans to qualify for a mortgage. First, however, you must prove you are eligible for the program. If you meet the service requirements and had anything but a dishonorable discharge, you should have access to your Certificate of Entitlement to prove your eligibility.

Once eligible, you must prove you can afford the loan using these guidelines:

Average credit scores

Average debt-to-income ratios

Adequate monthly disposable income

Proof you’ll occupy the home

The Benefits of VA Loans

Veterans often have several loan options, so why choose VA loans? Here are some of the top benefits:

No down payment is required, so you can buy a home faster

Flexible income and debt guidelines make it easier to qualify for a loan

No mortgage insurance

Competitive rates and terms

Shorter waiting periods after bankruptcy or foreclosure

How to get an VA Loan

If you’re a veteran or current military member and have at least 90 days of consecutive service, contact us today to see if you can get pre-approved for a VA loan. We’ll help you understand how it works to make the most of your VA loan benefits.