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Justin Messing| NMLS# 240860
Branch Manager
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Understanding The VA Home Loan Program

Understanding The VA Home Loan Program

VA home loan programs may be used to finance the purchase of homes, condominiums or manufactured homes, refinance an existing home loan, or install energy-saving improvements. These flexible, no-down payment loans have helped more than 21 million service members become homeowners since 1944. NJ  Lenders Corp is proud to be a direct lender of VA Loans. The three main types of guaranteed home loan benefits are:

  • Purchase Loans
  • Cash-Out Refinance Loans
  • Interest Rate Reduction Refinance Loans

Most members of the military, veterans, reservists and National Guard members are eligible to apply for a VA loan. Spouses of military members who died while on active duty or as a result of a service-connected disability may also apply.

Active-duty members generally qualify after about 6 months of service. Reservists and members of the National Guard must wait 6 years to apply, but if they are called to active duty before that, they gain eligibility after 181 days of service.

Qualified vets need suitable credit, sufficient income and a valid Certificate of Eligibility (COE) to be eligible for a VA-guaranteed home loan. Private lenders underwrite and fund VA home loans according to VA standards. VA’s partial guaranty for these loans means that nearly 90 percent of all VA-guaranteed home loans are made with no down payment required.

If a VA-guaranteed loan becomes delinquent, the VA will work with the borrower to avoid foreclosure, including providing financial counseling and, in some cases, direct intervention with a mortgage loan servicer on the borrower’s behalf.

Whether you're an active-duty serviceperson, a veteran, a member of the National Guard, a Reservist or surviving spouse of a veteran; or if you're a cadet at the U.S. Military, Air Force or Coast Guard Academy, midshipman at the U.S. Naval Academy or officer at the National Oceanic & Atmospheric Administration, you may be eligible for a VA loan.

Call one of our knowledgeable Loan Officers today with any questions about the VA Loan Program.