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Contour Mortgage is grateful for the service those in uniform provide our country.

We are determined to do our best to thank them for their sacrifice and are proud to offer VA loans to applicable borrowers.

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A VA loan is a mortgage financing option available to veterans, active-duty service members, reservists and National Guard members. It requires minimal closing costs and offers flexible qualifications.

Guaranteed by the U.S. Department of Veterans Affairs, VA loans were designed with military families in mind. It can be used for a number of purposes, including purchasing or building a new home, refinancing a current mortgage, repairing or improving a borrower’s existing home, or installing home efficiency measures. Single-family and multi-family homes, manufactured homes and condominiums are all acceptable property types.

VA loans are provided to home buyers via mortgage lenders and hold several significant advantages for those who qualify, which can include surviving spouses.

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The benefits of a VA loan include:

  • No Down Payment Options Available
    Many borrowers won’t be required to put any money down, although having some funds for a down payment is always helpful.
  • Private Mortgage Insurance Is Not Required
    Home buyers who cannot afford a 20 percent down payment under another type of mortgage loan, such as a conventional loan, are expected to pay private mortgage insurance (PMI). However, VA loans do not have this requirement, since they’re guaranteed by the VA.
  • Limits On Closing Costs
    Appraisal fees, inspection fees, buyer-broker fees—these are just a few expenses VA loan borrowers won’t have to pay at closing.
  • Forgiving Debt-to-Income Ratio Stipulations
    Lenders require a borrower debt-to-income (DTI) ratio to outline how much money is being used to pay off debt each month. VA loans tend to be more lenient, and may consider applicants with higher DTIs, considering they meet other qualifications.
  • Bankruptcy Doesn’t Make Qualification Impossible
    Under certain circumstances, those who filed for bankruptcy in the past could still obtain a VA loan. If the bankruptcy occurred two-plus years ago, for example, a lender may not disqualify an applicant. To learn more, it’s best to for applicants to contact a lender to discuss the details of their individual financial situation.
  • Financing Counseling Is Offered
    Should borrowers experience temporary financial difficulties, the VA extends forbearance and financial counseling to help prevent them from losing their home.
  • Assuming An Existing Mortgage From Another Veteran Is Possible
    Any VA loans that closed after March 1, 1988 are assumable. This means a buyer could acquire the existing loan on a property.

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Borrowers must meet certain requirements to qualify for a VA loan. Aside from being a veteran, active-duty service member, reservist or National Guard member, there are other stipulations to keep in mind.

This includes the duration of service. For example, borrowers should have served on active duty for at least six months to qualify, while reservists and National Guard members need to have served at least six years, or been on active duty for a minimum of 181 days. Those who’ve served at least 90 days during wartime may also be eligible.

Surviving spouses who aren’t remarried could also qualify, specifically those whose spouse was in the military and died, went missing in action, became a prisoner of war, or were disabled during active duty.

Another requirement relates to the property a borrower would like to purchase. It must be used as his or her primary residence, as opposed to a second home, vacation home or investment property.

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Additional requirements overlap with other loans. Borrowers are expected to share:

  • Employment history
  • Credit score
  • Bank statements (last two months)
  • Federal income taxes (last two years)
  • W2 statements (last two years)
  • Paystubs
  • Social Security number
  • Additional financial information

Lastly, anyone interested in applying for a VA loan must receive a Certificate of Eligibility from the VA, which can be obtained via mail, online, or through a mortgage lender.

To learn more about application requirements, or the VA loan itself, it’s best to get in touch with a trusted mortgage lender.

Contour Mortgage is dedicated to educating applicants about their mortgage options, which may include a VA loan.