The Know-how of Getting a VA Loan


VA home loans are benefits for active service members, Veterans and surviving spouses. First time buyers can take advantage of competitive interest rates and lower down payments. Flagship Financial works with VA loans. Helping our armed services get pre-qualified to begin looking for a house.

There are fees associated with getting a VA loan. The fees vary by the type Veteran and down payment eligibility. First time home buyers may pay 2.15 percent with no down payment. A borrower making a down payment of at least ten percent will have a reduced fee charge. The fee will change for other services, retirees or refinancing programs.

The U.S. economy and housing market has experienced a strong recovery. VA loan guidelines are more flexible when it comes to past financial situations. The VA home loan benefit helps home owners get personal primary dwellings. Purchasing price limits range from $417,000 to $625,500. Limits are higher depending on the location and economics.

VA Loan Eligibility

Like all financial transactions there are requirements for qualifying. The lengths of service and duty status are factors for eligibility. Surviving spouses can also take advantage of this benefit. Borrowers can get the eligibility form on line. Lending institution can also request the document during loan preapprovals.

Benefits of VA Loan

One of the advantages of a VA loan is the guarantee. Today, traditional home loans with less than twenty percent down need private mortgage insurance (PMI). The policy protects the lender in case of loan default. In cases of hardship, the VA loan assures the lender of payment for a part of the loan.

VA loans limit the amounts for closing costs charges.

The seller is aware of the VA loan requirements and realtors will negotiate the seller to pay the costs. The VA also ensures the home is fair market pricing according to the appraisal value. If the price matches the appraisal value, most VA loan programs do not need a down payment.

VA Credit Ratings

VA does not impose a credit score rule. Lenders approving a new home loan do need at least a 620 credit score or higher. Some lenders will consider lower credit score with higher interest rates. Buyers need to provide evidence of income, without excessive debt.


Flagship Financial is a private lender offering financial home loans to buy a new home. Financial institutions usually pre-qualify the buyer. Getting a pre-qualification letter helps to establish the range of homes for the realtor. Next is getting your Certificate of Eligibility with a copy of your DD214. Once all of the documents are in place the buyer can present the offer and proceed with the transaction.

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