What is a VA Home Loan?

It’s a loan provided by a participating lender like CrossCountry Mortgage, Inc., doing business in the State of New York as CrossCountry Financing, and guaranteed by the U.S. Department of Veterans Affairs (VA). This guarantee means we’re able to offer you more favorable terms on a home loan or refinance. You don’t need to be a first-time homebuyer, and you can reuse the benefit.

750_VA_Refi

WHAT ARE THE BENEFITS?

The VA offers a few home purchase and refinance programs depending on your needs. In general, these programs can help you purchase a home with a competitive interest rate and often without requiring a down payment (as long as the sales price doesn’t exceed the appraised value) or private mortgage insurance. The VA also offers programs that let you refinance an existing VA home loan or take cash out of your home’s equity.

OTHER BENEFITS INCLUDE:

  • Up to 100% financing is available with no mortgage insurance.
  • No appraisal needed on VA Streamline Refinance loans.
  • VA rules limit your closing costs.
  • Closing costs may be paid by the seller.
  • You can’t charge you a penalty fee if you pay off the loan early.
  • If you have trouble making payments, the VA may be able to help.
  • Surviving spouses of deceased veterans may also be eligible. Contact us for details.

WHAT DO I NEED TO BE ELIGIBLE?

You must be the personal occupant of the home and must have sufficient income, suitable credit and a valid Certificate of Eligibility (COE). To obtain a COE, you must have been discharged under conditions other than dishonorable and meet certain service requirements as listed below.*

STATUS QUALIFYING WARTIME & PEACETIME PERIODS QUALIFYING ACTIVE DUTY DATES MINIMUM ACTIVE DUTY SERVICE REQUIREMENT
Veteran WWII 9/16/1940 – 7/25/1947 90 total days
Post-WWII 7/26/1947 – 6/26/1950 181 continuous days
Korean War 6/27/1950 – 1/31/1955 90 total days
Post-Korean War 2/1/1955 – 8/4/1964 181 consecutive days
Vietnam War 8/5/1964 – 5/7/1975 For veterans who served in the Republic of Vietnam, the beginning date is 2/28/1961. 90 total days
Post-Vietnam War 5/8/1975 – 9/7/1980 The ending date for officers is 10/16/1981. 181 continuous days
24-month rule 9/8/1980 – 8/1/1990 The beginning date for officers is 10/17/1981. – 24 continuous months OR – the full period (at least 181 days) for which you were called or ordered to active duty
Gulf War 8/2/1990 – Present – 24 continuous months OR – the full period (at least 90 days) for which you were called or ordered to active duty
Currently On Active Duty Any Any 90 continuous days
National Guard and Reserve Member Gulf War 8/2/1990 – Present 90 days of active service
Six years of service in the Selected Reserve or National Guard AND
– Were discharged honorably OR
– Were placed on the retired list OR
– Were transferred to the Standby Reserve or an element of the Ready Reserve other than the
Selected Reserve after service characterized as honorable OR
– Continue to serve in the Selected Reserve

If you do not meet the minimum service requirements, you may still be eligible if you were discharged due to (1) hardship, (2) the convenience of the government, (3) reduction-in-force, (4) certain medical conditions or (5) a service-connected disability. *Table taken from here on 12/9/2013. Eligibility requirements are subject to change as deemed necessary by the VA. All loans subject to underwriting approval. Certain restrictions apply. Call for details.

 

Contact us today to get pre-qualified for VA financing. A licensed loan officer can help you to understand all your options and will walk you through the financing process from start to finish.


Get Pre-Qualified Now