Guide to the VA Home Loan

Benefits of a VA Loan for Buying Your Home

  • Many service members and veterans do not have to make a down payment for a VA loan.
  • It can be easier to qualify for a VA loan compared to a conventional loan even if your credit isn’t excellent or if you have some debt.
  • You may qualify for a lower interest rate so you will pay less over time with a VA loan.

Refinancing with a VA Loan

If you are thinking about refinancing your home with a VA loan, you may be able to get a better interest rates compared to a home equity loan and a line of credit. By choosing a VA cash-out refinance, you can borrow up to 100 percent of your home’s value. And if you already have a VA loan, you should speak to an Intelliloan® Refinance Specialist today to find out if you qualify to refinancing up to 120% of the value of your home.

Types of VA Loans

  • A VA loan lets you have low fixed interest rates available on various mortgage terms.
  • If you are looking for a more short-term option, you could still receive a low rate with an ARM.
  • Intelliloan® also finances Jumbo VA loans of up to $1,500,000.

Why Choose Intelliloan® for Getting Your VA Loan?

  • We are a VA-approved lender processing VA loans regularly.
  • Our Home Loan Specialists work directly with the VA to expedite all of your paperwork, including the Certificate of Eligibility.
  • You can complete your loan application online and still get that personal assistance with one of our VA loan specialists.
  • Continue to receive all of the benefits from our dedicated customer service team long after you close your loan with us.
  • You can make your monthly mortgage payments online after you close.
  • You can pre-pay your mortgage with no penalties.

How does a VA Loan Work?

  • Is this your first time looking into at a VA loan? Your military service or situation should satisfy all of the VA guidelines for eligibility, but we can help you to find out.
  • Have you previously used VA loan benefits? You might be able to use them again. We can help you with that as well.
  • You can apply your basic housing allowance to make your monthly mortgage payments.
  • VA loans do not require PMI (private mortgage insurance). This means a further reduced to your monthly payment.
  • VA funding fee (this replaces PMI) could be rolled into the amount of your loan.
  • You will not need a large amount money at closing because the VA places limits on what a lender may charge for certain fees.

How to Qualify for a VA Loan?

If you are a veteran looking to buy or refinance a home, you should consider a VA loan. Veterans sometimes believe that the process is more complicated than it really is (it is worth investigating no matter what). Only a few key qualifications will apply.

You should either be a currently serving member of the US military or be a veteran with an honorable discharge.

You could be eligible if you served for:

  • 181 days during peace time (active duty)
  • 90 days during war time (active duty)
  • Six years in the National Guard or Reserves
  • Or, if you are a surviving spouse of a military service member who died in the line of duty

A service member who was discharged due to a service-related disability does not have to meet duty time limits, and their funding fee could also be waived.

How can I obtain my VA Certificate of Eligibility?

A COE (certificate of eligibility) is the official proof of your service and required qualification for a VA loan. You can get your COE from the VA by completing the VA Form 26-1880. This can also be done online.