VA LOAN BENEFITS
Loan Limits
VA no longer has a set limit to the amount of guaranty it will issue on a loan for a Veteran with no previous VA mortgages outstanding. The basic entitlement for each eligible veteran is $36,000 and Veterans Mortgage of AmericaTM will lend up to the lesser of the appraised value or the purchase price for a loan with no down payment as long as the Veteran receives an approved certificate of eligibility (COE). The Veteran also needs to qualify with regards to income and credit. The property must be appraised by an approved, licensed VA appraiser and the appraised value must be equal to or greater than the sales price of the home.
Do I Qualify?
You may qualify for a VA Home Loan if you meet one or more of the following criteria:
- You have served 90 consecutive days of active service during wartime (or have been activated for 90 days or more for Reserve and National Guard members)
- You have served 181 days of active service during peacetime
- You have more than 6 years of service in the National Guard or Reserves (and never activated)
- You are the spouse of a service member who has died in the line of duty or as a result of a service-related disability.
Funding Fees
The VA Funding Fee goes directly to the Department of Veteran Affairs. This fee ensures the program keeps running for future generations of military homebuyers by removing any additional burdens off tax payers and veterans. The fee varies depending on the borrower’s circumstances and does not apply to veterans with service-connected disabilities.
VA borrowers can roll the funding fee into their overall loan amount. The VA also limits closing costs for veterans and allows sellers to pay most or all of those expenses. Many of our borrowers purchase a home with no money due at closing.
For more information or to have your Certificate of Eligibility processed, please contact our loan processing department at 888-842-0490 or email us at [email protected].
VA EDUCATION BENEFITS
GI Bill®
GI Bill benefits help you pay for college, graduate school, and training programs. Since 1944, the GI Bill has helped qualifying Veterans and their family members get money to cover all or some of the costs for school or training.
If you applied for and were awarded Post-9/11 GI Bill education benefits, your GI Bill Statement of Benefits will show you how much of your benefits you’ve used and how much you have left to use.
Do I Qualify?
You may be eligible for benefits through the Post-9/11 GI Bill if you’ve served on active duty for at least 90 days, whether continuous (all at once) or interrupted (for shorter periods over time), after September 10, 2001.
Learn more about the Post-9/11 GI Bill
Note: If you choose to use the Post-9/11 GI Bill (Chapter 33) instead of the Montgomery GI Bill Active Duty (MGIB-AD, or Chapter 30), you can’t switch at some later date to use MGIB-AD.
VA PENSION BENEFITS
Eligibility for Veterans Pension
The Veterans Pension program provides monthly payments to wartime Veterans who meet certain age or disability requirements, and who have income and net worth within certain limits. Find out if you’re eligible for this benefit.
You may be eligible for the Veterans Pension program if you meet these requirements.
Both of these must be true:
- You didn’t receive a dishonorable discharge, and
- Your yearly family income and net worth meet certain limits set by Congress. Your net worth includes all personal property you own (except your house, your car, and most home furnishings), minus any debt you owe. Your net worth includes the net worth of your spouse.
Find out about Veterans Pension rates
