VA Loans

What is a VA Loan?

VA Home loans are meant to assist military servicemen and their spouses in buying houses. Covered by the Department of Veteran Affairs, these loans fall into two different categories: direct home loans and VA-backed home loans. 


In the case of direct loans, you would be working closely with the VA as you apply for your loan. VA-backed loans are different because you can choose any qualifying lender to receive a VA loan from. Even if your loan comes from a private lender, the VA has requirements put in place that ensure the loan offer is adequate. The VA guarantees that any loans will be at least a certain amount of money and reach certain standards set by the VA. Oftentimes, you are able to get better and more competitive loan options from lenders.

VA Loan Requirements

Who is Qualified for a VA Loan?

Funding through the Department of Veteran Affairs is meant for those in the military, veterans, and also the spouses of those who have died in service. VA loan eligibility is based on how long you have served. To be eligible, you must have completed:


  • 90 days straight active service during wartime
  • 181 days active service during peacetime
  • At least 6 years served with National Guard or Reserves


Additionally, you qualify if you are the spouse of a servicemember that either died during service, died from a cause related to service, is a prisoner of war, or is missing in action.

Benefits of VA Mortgages

There are many VA loan benefits that are not offered by other loan types. One of the most enticing is that there is no down payment or mortgage insurance required. VA loan rates are also very competitive. Guarantees made by the government to lenders make lenders more likely to approve your loan and give you a great deal.

Disadvantages of VA Mortgages

There are a few limits that come with VA loans, mostly dependent on the housing you’re interested in. Not all properties are eligible to be bought under a VA loan. First, properties must be deemed suitable by the VA for somebody to live in. Secondly, VA loans are not meant for buying any kind of investment or vacation properties. In addition, a funding fee may be added to your loan. This is a one-time payment that is set by the federal government and helps cover the loan due to the lack of down payments or mortgage insurance.

Applying for a VA Mortgage Loan


The first step in the application process is to choose a qualified VA loan lender. It might help to have your Certificate of Eligibility (COE) ready when applying for your loan. The COE can be obtained online. Its main purpose is to serve as proof that an applicant has met service requirements and spouse applicants can also obtain it. After speaking with the lender and presenting documents, the next step is to go house hunting and get an offer accepted. Then the mortgage lender gets to work and makes sure your application is ready for the VA to give it’s final approval.

If you are interested in learning more about VA loans or have any questions, Brian the lender can be contacted at 706-973-7933. He’ll walk you through the VA loan as an option and can even help you get started on pursuing one.

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