VA Loans

What is a VA loan?

The US Government's VA loan program helps veterans, active-duty service members and their families qualify for a home loan. Backed by the US Department of Veterans Affairs, VA loans feature no down payment or private mortgage insurance (PMI) requirements.

Are you qualified for a VA home loan?

A VA loan is a no-brainer for qualified homebuyers and refinancers. The intended candidate is a service member or surviving spouse with a clean financial record. Ask yourself these four questions to determine your status:

  • Are you a current or ex-military personnel?
  • Are you the surviving spouse of a current or ex-military personnel?
  • Have you defaulted on a loan within the last 12 months?
  • Have you declared bankruptcy within the last two years?

If you answered "YES" to either of the first two questions and a resounding "NO" to questions three and four, you are most likely qualified for a VA loan!

To be eligible, you must serve for 90 or more days in wartime or 181 or more days in peacetime. In both cases, the stipulation is waived if you are discharged due to a service-related disability. Reserves and National Guard soldiers must serve for at least 6 years to be eligible.

Spouses of deceased service members are eligible for VA loan benefits, provided they have not remarried and that the deceased either:

  • Died in service or from a service-related disability.
  • Was missing in action or a prisoner of war for at least 90 days.
  • Was rated totally disabled and was eligible for disability compensation at the time of death.

Children of deceased veterans are not eligible for VA loan benefits.

The VA advantage

VA loans are fully backed by the government and offer a myriad of advantages for your home purchase or mortgage refinance. Here are the six biggest:

  • No Money Down
  • No PMI
  • Fewer Credit Restrictions
  • Seller Assistance
  • Easy Refinance
  • Home Improvement

Are you qualified for a VA home loan?

At Powerhouse Solutions, the wellbeing of US vets and active duty personnel is our top priority. Our Home Purchase Experts have the experience, technology and personal touch to help you find a great loan at a low rate. Apply now—we’d love to help you find a VA loan for your dream home!

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