Veterans United San Antonio
We are proud to be an official realtor for Veterans United. A VA loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA). These loans are issued by qualified lenders and are designed to offer long-term financing to eligible American veterans or their surviving spouses.
The VA loan program aims to provide home financing options to eligible veterans, allowing them to purchase properties without the need for a down payment. This benefit is especially valuable in areas where traditional financing options may not be available.
One of the standout features of VA loans is that they allow veterans to qualify for larger loan amounts than traditional loans, with more favorable debt-to-income ratios. Additionally, VA loans do not require private mortgage insurance (PMI), making them a cost-effective choice for many veterans.
This program is just one of the many ways we express our gratitude to our veterans.
Qualifying for Veteran Home Loans
The Veteran Loan program is designed for veterans who meet the service requirements, and it also extends benefits to surviving spouses. While the VA does not impose a minimum credit score for pre-qualification, most lenders typically look for a score of at least 620.
If you’ve previously used your VA benefits to purchase a home, you may still have entitlement available for a new purchase. Here are a few scenarios to consider:
- If your previous VA loan was paid off, your full entitlement may be restored.
- If you sold your home and allowed the new owners to assume your VA loan, your entitlement may also be restored if one or more of the purchasers were veterans.
- If you own a home and are renting it out, you may still be able to purchase a new home using your available entitlement.
Acceptable income sources for qualifying for a VA loan include retirement income, Social Security income, child support, alimony, Basic Allowance for Housing (BAH), Basic Allowance for Subsistence (BAS), and disability income. Additionally, Dependency and Indemnity Compensation (DIC) for surviving spouses can be included. Documented and stable income from employment is also a strong source of income for VA loan qualifications.
If you’re interested in learning more about VA loans and how they can benefit you, contact me today!