The VA home loan guaranty program provides eligible Service members, Veterans, and surviving spouses with valuable benefits to help buy, build, repair, or retain a home. Here’s a quick overview of how it works:

1. VA Loan Benefits: A VA purchase loan offers competitive interest rates and flexible terms, often requiring no down payment or private mortgage insurance (PMI). It’s an excellent option, especially if other financing isn’t available.
2. Eligibility and Loan Entitlement: Veterans with full entitlement have no loan limits over $144,000, meaning no down payment is needed. The VA guarantees up to 25% of loans over this amount to protect lenders.
3. Credit and Income Requirements: While VA loans don’t mandate a minimum credit score, lenders may set their own criteria. Your credit history, income, and assets will determine your loan amount, so shop around for the best terms.
4. Certificate of Eligibility (COE): The first step is obtaining a COE, which verifies your eligibility. You or your lender can request it through the VA website: VA COE Application.
5. VA Funding Fee: This one-time fee lowers loan costs for taxpayers by eliminating the need for down payments or PMI. The fee can be rolled into your loan to reduce upfront costs. If you’re receiving VA disability compensation, the fee is waived.

Take advantage of your VA benefits to secure a more affordable path to homeownership. Contact me to guide you through the process and help you buy or sell using your VA loan benefits.

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