What is a VA loan?
A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs (VA) offered to qualified U.S. veterans, active-duty military personnel and some surviving spouses.
Who is eligible for a VA loan?
You have served 90 consecutive days of active service during wartime, OR You have served 181 days of active service during peacetime, OR You have 6 years of service in the National Guard or Reserves, OR 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. Don’t meet these requirements? You may still be eligible: Talk with a Mortgage Representative today at 770.719.1111.
What is a COE?
A COE is a form provided by the Department of Veterans Affairs that indicates to the lender that you’re eligible for a VA loan.
What types of properties can be purchased with a VA loan?
Qualifying properties include an existing home, a townhouse or condominium unit in a project that has been approved by the VA and a multi-unit property (up to a four-plex), provided you occupy one of the units as your primary residence.
How many times can you use a VA loan benefit?
After using a VA mortgage to purchase a home, you can get another VA loan if:
- You sell the house and pay off the VA loan.
- You sell the house, and a qualified veteran buyer agrees to assume the VA loan.
- You repay the VA loan in full and keep the house. For one time only, you can get another VA loan to purchase an additional home as your primary residence.