A VA Loan Purchase is a type of mortgage backed by the U.S. Department of Veterans Affairs (VA), designed to help veterans, active-duty military members, and eligible surviving spouses buy a home with favorable terms. Similar to what Veterans United offers, a VA loan provides numerous benefits to those who qualify.

Key Benefits of a VA Loan Purchase:

1. No Down Payment: Qualified buyers can purchase a home without needing to put any money down, which is a significant advantage compared to conventional loans.
2. No Private Mortgage Insurance (PMI): Unlike conventional loans, VA loans do not require private mortgage insurance, which can save borrowers a substantial amount over time.
3. Competitive Interest Rates: VA loans often offer lower interest rates compared to conventional loans, as the government guarantees a portion of the loan, reducing risk for lenders.
4. Limited Closing Costs: The VA limits the amount of closing costs veterans and service members can be charged.
5. Flexible Credit Requirements: VA loans are generally more flexible when it comes to credit score requirements, making it easier for veterans with less-than-perfect credit to qualify.

VA Loan Eligibility:

To qualify for a VA loan, you must meet at least one of the following conditions:

• Active Duty: You are currently serving in the military.
• Veteran: You have served at least 90 consecutive days during wartime or 181 days during peacetime.
• National Guard/Reserve: You have served more than 6 years in the Reserves or National Guard.
• Surviving Spouse: You are the spouse of a service member who died in the line of duty or as a result of a service-related disability.