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VA Home Loan: Do I Qualify for a VA Loan?

Because of their dedicated service, veterans qualify for a number of benefits, among them is the ability to take part in the VA home loan program.

The VA loan program is specifically designed for the men and women who have served their country. In order to qualify for a VA home loan there is a requirement of specific service conditions that they must meet. The Sean Z mortgage team has over a decade of experience helping St. Louis veterans get approved for VA loans in St. Louis.

If you are a veteran and are interested in taking advantage of the VA home loan program, you may be wondering if you qualify.

Am I Eligible for a VA Home Loan?

You may be able to obtain a VA loan if you meet one or more of the following:

  • Have served 90 consecutive days of active service during wartime
  • Have served 181 days of active service during a time of peace
  • Have at least 6 years of service in the Reserves or National Guard
  • You are the spouse of a member who died while in the line of duty or was disabled as the result of a service related injury

You will need to obtain your certificate of eligibility, however, if you have your DD-214 form, we can order your Certificate of Eligibility for you. This is the only additional paperwork you will need to provide us with in order to process your loan.

Benefits of the VA Loan Program

There are a number of benefits to the VA Home Loan program, but the 3 primary ones are:

  1. No Down Payment
  2. No Private Mortgage Insurance
  3. Competitive Interest Rates

The VA mortgage offers 100% financing to veterans and their spouses for the purchase of owner occupied homes. In addition to there being no down payment, veterans do not have mortgage insurance on the loan. There is a funding fee that ranges from .5 to 3.3%. The funding fee is waived for a veteran that receives a minimum of 10% VA disability compensation.

The St. Louis VA Loan Professionals

If you are eligible for a VA loan, contact the St. Louis VA loan professionals at Better Rate Mortgage today. We can APPROVE your mortgage prior to finding your new home with our one of a kind “TBD Mortgage Approval Program”, so you can shop with confidence. If you would like to find out what VA mortgage you are eligible for, call Sean Zalmanoff at (314) 361-9979 or apply online today!

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