VA Veterans Affairs
The Department of Veterans Affairs (VA) is a federal agency that provides a range of benefits and services to military veterans, including health care, education, and home loan benefits. The VA's home loan benefit, which is known as the VA Home Loan Program, is designed to help military veterans and their families buy, build, or improve a home.
One of the key benefits of the VA Home Loan Program is that it offers military veterans and their families the opportunity to buy a home with no down payment. This can be especially helpful for veterans who may not have a lot of savings or other assets, as it allows them to buy a home without having to come up with a large down payment.
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Who is eligible for a VA Loan?
In order to be eligible for a VA loan, a borrower must be a military veteran who meets certain eligibility requirements. These requirements include:
- Having served a minimum amount of time in the military, depending on the era in which the veteran served. In general, veterans who served during wartime must have served at least 90 consecutive days of active duty, while veterans who served during peacetime must have served at least 181 days of active duty.
- Receiving an honorable discharge from the military. Veterans who were discharged under dishonorable conditions or who were separated from the military for other reasons may not be eligible for a VA loan.
- Meeting certain income and credit score requirements. In general, VA loan borrowers must have a sufficient income to support the mortgage payments and must have a credit score that is high enough to qualify for a mortgage. The specific income and credit score requirements will vary depending on the lender and the borrower's individual circumstances.
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Whether you’re looking to purchase a new home or refinance your existing home,Groves Capital can provide all the help you need.