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How Do VA Loans Work?

How Do VA Loans Work?

Mortgage loan programs for veterans are available to finance home mortgages.

Explaining how VA Loans work

Some aspects of home mortgage loan programs are confusing. In fact, you may qualify for one and not even realize it. VA loans have their own specific set of eligibility standards, but figuring out your status is well worth the effort. These loans can make a big impact on your chances of being approved for a home loan.

The vast majority of VA loans are issued without a down payment, so they are an excellent option for financing a new or existing residence. The interest rates on VA loans are also typically much lower than traditional loans. The general flexibility of these loans is making them an increasingly popular resource for veterans and their families.

Just because you are eligible for a VA loan doesn't guarantee you will be approved for one. However, if any of these service terms apply to you, follow up with an expert to get more details about how to apply:

  1. You served on active duty during peacetime for 181 days, 90 days active duty during wartime, or 6 years in the Reserves.
  2. Your husband or wife was killed during active duty.

These are the two primary factors that make candidates eligible for VA loans. In addition to meeting these standards, VA borrowers must meet a set of debt/income criteria set by their lending company. The VA doesn't issue a full loan, but rather a portion of a loan that acts as a guaranty for other lending entities to base their financing.

If you are wondering if you qualify for mortgage loan programs through the VA, you will want professionals to guide you through the process. The good news is our team of experts at Midland Mortgage is here to help you. Learn more about VA mortgage loan programs and get on the right track today.

Posted Mar 11, 2015 by Midland Mortgage Corporation