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Mortgages Made Simple

About VA Loans      

                                                                                                                   
The VA loan program started in the wake of World War II for service members returning from overseas. It was an affordable way for military personnel to become homeowners. VA loan requirements have shifted over time, but the basic concept remains the same. Qualifying veterans and active service members can get low interest rates and favorable terms when refinancing or purchasing a home.

Requirements for VA home loan eligibility include:

An active duty member of the armed forces
A veteran
In the National Guard
In the Reserves
A surviving spouse of a military service member who has not remarried
Through the VA program, the government guarantees the loan made by independent VA lenders, like Virtua Funding, that give you the mortgage.  The VA home loan program is generally very affordable with a lower then average mortgage rate since the government takes away the risk from the mortgage lender.

VA home loan requirements


The specific requirements of each VA lender varies from lender to lender. For example, you still would need to qualify for the loan based on your income and assets. To start the loan process, you’ll need to gather some basic information to provide us when you call: 

  • Social Security numbers
  • Former addresses
  • Former employers
  • Salary information
  • Banking information
  • Information on other real estate owned
  • Certificate of Eligibility
  • Tax information


VA refinance


There are two main options to lower your VA Rates or tap into your home's equity through a VA refinance mortgage:

  1. You can tap into your home's equity with a cash-out VA refinance. By taking cash out from your VA refinance, you may be able to pay off credit card debt, improve your home value or buy a new car.
  2. A VA streamline refinance may lower your mortgage rate, reducing the amount of interest you have to pay every month. You may even complete this process without a home appraisal saving you time and effort. However, there is no option to take out any additional cash from the loan from a VA streamline refinance loan.