Veterans Mortgage of America is a VA Approved Lender | NMLS ID 3117

What Are My Veteran Benefits?

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 America 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 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
Jimmy O.
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"USAVA Lending did a fine job. They explained everything. They treated me just fine and they were real friendly. If I had a question they got right back in touch with me at the time they said they would. They got what I wanted. I had no complaints. They corrected things that needed to be done. I was alright with the interest rate being the same. I would recommend them."
Elizabeth C.
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We received VA Refinance from USAVA Lending. All expectations were meet we had excellent communications from the "Executive Assistant. They provided prompt and thorough services. I would recommend USAVA Lending. It was easy with no hassles."
Will M.
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"The service was real good and they were pleasant. They were real polite and nice. The loan closed early and it did not take too long. We had no problems with them. The loan originator was excellent. He set us up and he was fantastic! He called back to see if everything went smooth and to find out if we had any questions. We did not have any questions because they answered them. I would definitely recommend them."
Barbara S.
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"They did a great job! I was very satisfied with their helpfulness and they went as far as taking care of the little details. During the time I was refinancing, my husband was in the hospital and was in ICU. The Senior Loan Processor was very helpful and was there for me when I couldn't be quite there myself. We got a reduced interest rate and reduced payment. I got a lot of great customer service from their team. I was looking for a place online and just happened to find their website and have been trying to refinance for 2-3 years..."
Charles M.
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"Thank all of you that worked to get this mortgage through. The Senior Loan Processor was quite a tireless person working with us. She was good to us and caring. She was also reassuring. We were very nervous and she calmed our fears.We would recommend USAVA Lending very highly. They were friendly, courteous, informative. They explained everything. USAVA Lending was the first loan company we have used in many years and it was worth our while. They facilitated the process, so we had nothing was held up."
Levi M.
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"I have used USA Home Loans a couple of times now and I keep going back because the employee I work with is great. I am always treated well and the employee is very personable. I have recommended them and if asked I would keep recommending them they are efficient."
Anthony Z.
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"Everyone at USAVA Lending did a splendid job in refinancing my home..They were very courteous,imformative, and answered all my questions. They were all very professional in handling my re finance, and it was finished promptly.I recommend your Lending Instition very highly.Thank you all for doing such a great job!"
Joe L.
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"Compared to Chase and other places that I worked with USAVA Lending were excellent. It was impressive because they are in Arizona and I am 1000 miles away in the bay area in California and I got better service from them than I would get from Chase who is literally around the corner. When the loan originator contacted me I was kind of leery that something like this would go through, but he did a remarkable job in terms of managing the loan application and process..."