VA Home Loans
The VA Loan provides veterans, active-duty service members, and eligible surviving spouses with a federally guaranteed home loan option featuring a $0 down payment requirement. As an experienced NYC mortgage broker, we are dedicated to helping service members and their families access these valuable, affordable housing benefits.
Because the federal government backs a portion of the loan against default, working with a premier mortgage lender in New York allows buyers to secure significantly lower interest rates and flexible terms compared to conventional financing options. Whether you are searching for home loans in NYC or exploring mortgage loans in NYS, this program allows eligible homebuyers to lower out-of-pocket closing costs and eliminate prepayment penalties entirely.
If you are looking for a trusted mortgage broker near me to guide you through the military homebuying process, our team serves as a leading residential mortgage broker in NYC to ensure you maximize your earned Department of Veterans Affairs benefits.
Who Qualifies for a VA Mortgage?
To secure a VA home loan, military personnel and their families must meet specific minimum active-duty service requirements. Qualifying individuals include those who served at least 181 continuous days during peacetime, or at least 90 continuous days during a period of war. Surviving spouses of service members killed or missing in action may also claim full eligibility for the program. Additionally, the Department of Veterans Affairs offers dedicated support services to help veterans who face financial hardships or risk defaulting on their loans.
Frequently Asked Questions
A VA home loan must be used to finance your personal residence within the United States and its territories. You have choices for the type of home you purchase:
- Existing Single-Family Home
- Townhouse or Condominium in a VA-Approved Project
- New Construction Residence
- Manufactured Home or Lot
- Home Refinances and Certain Types of Home Improvements
- 100% Financing & No Down Payment Loans
- No Private Mortgage (PMI)
- No Penalties for Prepaying the Loan
- Competitive Interest Rates
- Qualification is Easier than a Conventional Loan
- Sellers Pay Some of the Closing Costs
- Can be combined with additional down payment assistance to reduce closing costs
You can apply for a VA Loan with any mortgage lender that participates in the program. In addition to the application requirements from your lender, you will need the following at application time:
- Certificate of Eligibility from the Veterans Administration by submitting a completed VA Form 26-1880.
- Proof of Military Service from a VA Eligibility Center
Yes, your eligibility is reusable depending on the circumstance. If you have paid-off your prior VA Loan, and disposed the property, you can have your eligibility restored again. Also, on a 1-time basis, you may have your eligibility restored if your prior VA Loan has been paid-off, but you still own the property. Either way, the Veteran must send the Veterans Administration a completed VA Form 16-1880 to the VA Eligibility Center. To prevent delays in processing, it’s advisable to include evidence that the prior loan has been fully paid, and if applicable, the property was disposed. A paid-in-full statement from the former lender or a copy of the HUD-1 settlement statement must be submitted.
- VA Loans made prior to March 1, 1988 can be assumed with no qualifying of the new buyer. If the buyer defaults the property the Veteran homeowner may be liable for the funds.
- Some sellers are hesitant to work with someone obtaining a VA Loan because it takes longer than a conventional loan to process.
- Sellers are often asked to pay a portion of closing costs and therefore less likely to negotiate the sales price of the home.
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