VA Loans

A VA (Veterans Administration) home loan is the preferred loan program for active, non-active, Reserve, National Guard, and retired military of the armed forces. There are no down payment and no private monthly mortgage insurance required.

A VA home loan can be used to purchase a home or refinance an existing
mortgage.

VA Does Not Offer Loans Directly and Does Not Guaranty You Will Qualify.
VA does not actually lend the money to you directly. They offer a guaranty to a lender that if you should default on the loan, they will pay the lender a percentage of the loan balance. The word GUARANTY does not actually guaranty the veteran will qualify for a VA home loan.
Primary Benefits of a VA Home Loan:
100% financing
No monthly private mortgage insurance is required
There is a limitation on buyers closing costs
Interest rates on VA loans are competitive with both FHA, USDA, and Conventional loans.

Several term options are available, including 30 and 15 year fixed loan as well as adjustable terms.

Seller can pay up to 4% of the veterans closing costs and even pay down your debt to help lower your debt-to-income ratio

You don’t need perfect credit, but you’ll have to demonstrate you pay your bills.

Who is Eligible for a VA Home Loan?

Veterans with active duty service, that was not dishonorable, during World War II and later periods, are eligible for VA loan benefits. World War II (September 16, 1940 to July 25, 1947), Korean conflict (June 27, 1950 to January 31, 1955), and Vietnam era (August 5, 1964 to May 7, 1975) veterans must have at least 90 days of service.
Veterans with service only during peacetime periods and active duty military personnel must have had more than 180 days of active service. Veterans of enlisted service which began after September 7, 1980, or officers with service beginning after October 16,1981, must in most cases have served at least 2 years.

VA Documentation Needed:

The three specific pieces of documentation a lender will need to determine your eligibility is a DD214 for discharged veterans, a statement of service for active military personnel, and a certificate of eligibility (COE) to determine you have VA entitlement.
Because each lender has different qualifying guidelines, the next step is to contact Cranbrook Loans to find out if you meet the qualifying criteria such as minimum FICO/credit scores, debt-to-income (DTI) ratios, and find out what your county’s maximum loan amount is. Cranbrook Loans can help you attain your certificate of eligibility on your behalf.


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