Anyone who has served 90 consecutive days of active service during wartime, or 181 days of active service during peacetime, or anyone who has more than 6 years of service in the National Guard, or Reserves, or you are the spouse of a service member who died in the line of duty or as a result of a military service related injury.
What is the benefit of using a VA mortgage loan versus a conventional mortgage loan?
Qualified buyers have the opportunity to purchase a home with no down payment using a VA home loan. Additionally, there is no monthly MIP (mortgage insurance premiums) and the buyer’s closing costs are limited.
Technically, there is no maximum VA loan. It’s limited by the value or the purchase price, however, most lenders generally limit the maximum VA mortgage loan to $453,100. You should consult with a Personal Mortgage Advisor for more details and to verify eligibility.
Homebuyer’s eligible for a VA home loan do not have any income threshold for using their VA home loan benefits. However, VA borrowers are expected to have stable, reliable income that will cover their monthly expenses, including their new mortgage payment.