VA Loans: Easy Qualifying for Those Who Have Served

The home financing professionals at Bell Financial Group are proud with each opportunity we have work with veterans, servicemembers and others who have served our country. VA loans are a favorite financing option among our veteran and servicemember borrowers, because of benefits like 0% required down payment. We’re here to help you at every step of the way as you explore this and other mortgage solutions to make the best choice for your family. Our clients come from Boise, Pocatello, Blackfoot, Idaho Falls, Rigby, Rexburg, and nearby Idaho neighborhoods. If you’re interested in VA loans, contact our loan officers today to schedule a consultation about your future as a homeowner.

The VA Benefit Guarantee

VA loans are one of several types of government-backed loans; that is, privately funded loans that are guaranteed in part through a division of the federal government. In the case of VA loans, that department is the U.S. Department of Veterans Affairs (the VA for short). The VA was created to assist those who have served in numerous ways, including creating this streamlined path to homeownership.

If a VA loan recipient fails to keep up with mortgage payments on his or her VA loan, the government will ultimately reimburse the lender for the loss, in part. Because of this, private lenders like Bell Financial Group can accept a wider segment of clients, including those in less-than-great financial standing.

VA Loan Uses

VA loans can be used for purchase, construction on a new home, or renovations to an existing home. Their advantages include:

• No required down payment
• No required private mortgage insurance (PMI)
• Limited closing costs that can be paid for by the seller during underwriting
• No penalties for paying off your mortgage before term
• Competitive, fixed interest rates

Applying for a COE

Ultimately, your private lender will determine if you are approved for financing. The VA does require, however, that your home passes an inspection and that you submit a COE. A COE – or Certificate of Eligibility – is a document that shows you have met the service requirements resulting from you or a spouse’s military service. Most veterans and servicemembers become eligible for their VA benefit after at least six months of service, as are certain surviving spouses of veterans who have died during or because of service. Contact us to quickly determine if your service meets the requirements, and we can help you apply for your COE. Once we’ve received it, we can complete your loan application.

VA Guarantee Limits

While there is no government-imposed limit on how much you can borrow with a VA loan, the Department of Veterans Affairs will only take on liability for loans up to certain limits. In Boise, Pocatello, Blackfoot, Idaho Falls, Rigby, and Rexburg, the limits are:

• $453,100 for a one-unit home
• $580,150 for a two-unit home
• $701,250 for a three-unit home
• $871,450 for a four-unit home

It’s important to note: You can get a VA loan that exceeds these limits. However, to do so, you will need to submit a down payment – just on the difference between the limit and the value of your loan. We can discuss your options in further detail during a consultation.

Seize the Opportunity

With more than 20 years of experience in home financing, the team at Bell Financial Group has the experience to guide you through this process. We work for our borrowers, not for the banks. We offer local, one-on-one care and unique benefits like in-house processing, direct access to underwriters and same-day funding in some cases. Our goal is to exceed your home loan expectations. For more on VA loans in Boise, Pocatello, Blackfoot, Idaho Falls, Rigby, or Rexburg, contact us.