VA Loan

A VA loan is a mortgage backed by the U.S. Department of Veterans Affairs. The program is available to eligible veterans, active-duty service members, National Guard and Reserve members, and certain surviving spouses.

VA loans may be used to purchase eligible single-family homes, VA-approved condominiums, multi-unit properties, manufactured homes, and new construction. The property must generally be used as the borrower’s primary residence and meet VA and lender requirements.

Key benefits may include no down payment, no private mortgage insurance, competitive interest rates, and flexible qualification guidelines. A VA funding fee may apply unless the borrower qualifies for an exemption.

Rateplicity Mortgage Corp. can help confirm your eligibility, obtain your Certificate of Eligibility, and compare available VA loan options. Contact us today to learn more.

Overview

VA Loan Eligibility

VA loan eligibility is based on service requirements established by the U.S. Department of Veterans Affairs. You may qualify if you are:

An active-duty service member with at least 90 continuous days of service
A veteran who meets the service requirements for the period in which you served
A National Guard or Reserve member with qualifying active-duty service or six creditable years of service
An eligible surviving spouse
A borrower discharged under certain qualifying exceptions

A Certificate of Eligibility (COE) confirms that you meet the VA’s service requirements. You must also satisfy the lender’s credit, income, and occupancy guidelines.

VA loans may offer valuable benefits, including no down payment and no private mortgage insurance. Rateplicity can help obtain your COE, confirm your eligibility, and guide you through the VA loan process.

VA Loan FAQs

What is the maximum you can borrow with a VA loan?

The maximum amount you can borrow on a VA loan depends on the county and your entitlement status. In most areas, the VA loan limit is typically around $726,200 (as of 2023), but it can be higher in high-cost areas. If you have full entitlement, you may be able to borrow above the limit without a down payment. For loan amounts exceeding the limit, a down payment may be required. Contact a VA-approved lender like Rateplicity Mortgage Corp. to learn more about your specific loan limit.

Does a credit score matter for a VA home loan?

While the VA does not set a minimum credit score requirement for VA loans, most lenders typically look for a credit score of at least 620 to approve a loan. A higher credit score can help you secure better interest rates and loan terms. However, even if your credit score is lower, you may still qualify for a VA loan, especially if you have a strong overall financial profile.

How long does it take a VA loan to close?

The time it takes to close a VA loan typically ranges from 30 to 45 days, similar to other types of loans. However, the exact timeline can vary depending on factors like the complexity of the loan, how quickly you provide necessary documentation. To speed up the process, make sure to provide all required documents promptly and stay in contact with your Rateplicity loan officer and/or the assigned processor. At Rateplicity Mortgage Corp., we strive to make the VA loan process as smooth and timely as possible.

Can a family member use my VA loan?

The VA tries to be flexible to help veterans and their families. In some cases a family member can use your VA loan benefits. Spouses are the most common family members who can use VA loans. Sometimes a VA loan can be used by a divorced spouse if the marriage lasted for more than 10 years. To find out specific eligibility requirements, contact us today!