Who is eligible for a VA loan?
If you (or your spouse) has served in the military (Army, Navy, Airforce, Marines) or the National Guard or Reserves, you may be eligible for a VA loan.2 The first step is to apply for a VA home loan Certificate of Eligibility (COE)3 through the U.S. Department of Veteran Affairs. Your lender will need the COE in order to proceed with a VA loan application.
What do I need (besides a COE) to qualify for a VA loan?
You need to meet certain credit score standards, as well as have sufficient income to cover your monthly payment. And you must use the loan to a buy a home you will live in.
What are the advantages of using a VA loan to buy a home?
- A VA loan offers many advantages4 over a conventional loan. These include:
- Little or no down payment required (though you may put some money down if you wish to reduce your monthly payment).
- Better interest rates than with a conventional loan.
- No monthly private mortgage insurance (PMI) payment, even if you put less than 20% down.
- Lower closing costs than with a conventional loan.
Can I use any financial assistance to pay for closing costs?
Yes. If you need assistance, see what options your city, county, or state may have for closing cost assistance. You can also use financial assistance from family or friends.
Do I need to buy a single family home to qualify for a VA loan?
No. While a VA loan can be used to purchase a single-family home, you can also use a VA loan to purchase an owner-occupied condo or townhome, or a multifamily property with up to four units.
Do I need to be a first-time homebuyer to qualify for a USDA loan?
No. You do not need to be a first-time homebuyer to qualify for a VA loan.
Are there any upper income limits for getting a VA loan?
No. If you're ready to start shopping for your new home with the help of a VA loan, get in touch with a Synovus mortgage specialist today. We're here to help you get the financing you need to purchase your next home.