What is a VA Mortgage Loan?

A VA mortgage loan is a home loan that is insured by the U.S. Department of Veterans Affairs, and funded by private lenders such as Banks and Mortgage Companies. VA loans are available to Veterans and active duty military members and was included in the GI Bill of Rights signed into law by Franklin D. Roosevelt in 1944 to provide Veterans and military the ability to get a government backed home loan with no down payment. VA mortgage loans have provided an opportunity for Veterans and their families to own a home since 1944.

Who is Eligible for a VA Loan?

To be eligible for a VA loan, you must meet certain requirements. Length of term served, conditions of discharge, conditions of service with regards to peacetime or wartime, and branch of military served all have something to do with your VA loan eligibility. Spouses of veterans may also be eligible under certain circumstances. To get a VA loan, you must have a certificate of eligibility, which you can get on the Department of Veterans Affairs website here.

What are the credit requirements of a VA loan?

A VA loan has mostly the same requirements as any mortgage loan in regards to credit, employment history, etc. In order to qualify, the minimum credit score allowed for a VA loan is usually 620 for most lenders.

What are the Benefits of a VA Loan?

The benefits of a VA loan for most borrowers is that more often than not, you will not be required to put a down payment on your home purchase as VA loans generally finance 100% of the home purchase. VA mortgage rates are also usually low, and closing costs can sometimes be financed within the loan as well. Another great benefit of a VA mortgage loan is that you are not required to purchase private mortgage insurance, since the loan is insured by the VA.

Refinance is also a plus when getting a VA loan, as there is a VA streamline refinance available.

Get a VA Loan in West Texas – Odessa and Midland

Venta Mortgage offers VA loans in West Texas, including Midland VA loans and Odessa VA loans. If you are looking for a VA lender, we can provide you with competitive mortgage rates and will help you every step of the way through the VA mortgage process. Please feel free to contact us directly for your VA loan quote and to get pre-qualified.