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Understanding VA Loans

Military family in front of their new home

A VA loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA). The program is designed to offer long-term financing to eligible American veterans or their surviving spouses.

VA loans offer competitive interest rates and often require no down payment, making homeownership more accessible for veterans and service members.

Why Choose a VA Home Loan?

No Down Payment: VA loans allow qualified veterans to purchase a home with $0 down.
Competitive Interest Rates: Benefit from lower interest rates exclusive to VA loans.
No PMI: Save money monthly with no Private Mortgage Insurance required.
Easier Qualification: Flexible credit and income requirements tailored for veterans.

How Do VA Loans Work?

VA loans are provided by private lenders, such as banks and mortgage companies, but are guaranteed by the VA. This guarantee means the lender is protected against loss if the borrower fails to repay the loan, allowing lenders to offer more favorable terms.

To obtain a VA loan, borrowers must obtain a Certificate of Eligibility (COE) from the VA, proving their entitlement. The process involves meeting certain service requirements, as well as credit and income qualifications set by the lender.

VA loans can be used to:

Buy a home or a condominium unit in a VA-approved project
Build a home
Simultaneously purchase and improve a home
Improve a home by installing energy-related features or making energy-efficient improvements
Refinance an existing home loan

Who Qualifies for a VA Loan?

Eligibility for VA loans is determined by service requirements set by the VA. You may qualify if you meet one or more of the following conditions:

You've served 90 consecutive days of active service during wartime
You've served 181 days of active service during peacetime
You have more than 6 years of service in the National Guard or Reserves
You are the spouse of a service member who died in the line of duty or as a result of a service-related disability

If you're unsure about your eligibility, contact us, and we'll assist you in determining your status and obtaining your COE.

Ready to Start Your Journey?

At Climb Mortgage, we're dedicated to serving those who have served our country. Our team specializes in VA loans and is here to guide you every step of the way.

Whether you're looking to buy a new home, refinance your current mortgage, or access your home's equity, we can help you navigate the VA loan process with ease.

Veteran shaking hands with a loan officer

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