Quick VA Home Loan Facts

One of the ways active and former military and their families are honored is through loan options that make building financial stability through homeownership easy and affordable. 

Mortgages in general are complex and understanding them can be intimidating. Add on top of that a “specialized” program like VA Home Loans, and it’s easy to think you’re in for a confusing process. However, this is not true. Especially if you work with a lender who has dedicated mortgage bankers and in-house processors and underwriters who are well-versed in specialty programs. Still, knowing the quick VA Home Loan facts can help you start the buying process with a little more confidence. 

Quick Facts

The following VA Home Loan facts serve as answers to some of the most commonly asked questions. 

• No down payment is required
• Interest rates are below market
• No monthly mortgage insurance is required
• The credit score requirement is lower at 620 
• There are VA Loan-eligible condominiums 
• The benefit can be used more than once
• You can have two simultaneous VA Loans if you’re looking to turn your first home into an investment property instead of selling*
• Surviving spouses of those who died in the line of duty or from complications due to combat qualify for use of the VA Home Loan benefit    
• The VA Loan process is neither more complicated nor harder for the borrower to manage than a conventional loan.

Additionally, United Home Loans never charges an origination fee on VA Loans. Unlike some other lenders who only offer a $0 origination fee around patriotic holidays, this is the case with us always. 

Who Qualifies for a VA Home Loan?

The benefit is available to active and former service members who…

• Served 90 days during wartime
• Served 181 days during peacetime
• Served 6+ years in the National Guard or Reserves
• And surviving spouses (see above) 

If you would like to confirm your eligibility with the U.S. Department of Veterans Affairs, you can request a Certificate of Eligibility online.  

Historical VA Home Loan Facts

The generally accepted estimate of Americans who served in World War II is 16 million. As the end of the war approached, the assembly of benefits for the masses of returning veterans kicked into high gear. With the passage of the GI Bill in 1944, VA home loans, as well as many other benefits, came into existence.

VA Home Loans then and now are government-backed, low-interest mortgages with up to 30-year terms. At the time of creation, this was much longer than 10 years, which was the customary mortgage term. Housing became extremely affordable like never before, ensuring that the influx of potential homebuyers returning to the country could secure a roof over their heads. 

Adjusted from 1944 costs to today’s dollars, a 2-bedroom home cost about $70,000 and the monthly payment averaged $400. Meanwhile, the monthly rent in an urban area was nearly $700. A $300 difference doesn’t sound far off from some of the rent vs. buy comparisons we do today!

Have Questions About VA Home Loans? 

The United Home Loans team is extremely familiar with the VA Loan process. There may be a couple of extra steps, but we know how to guide you through your home buying experience without ever feeling bogged down. If you have questions, before you get started on your house hunt, reach out!