Island Home Loans Blog

Are you eligible for a VA Loan?

VA’s Home Loan Program is for veterans, active duty military personnel, and certain members of the reserves and National Guard.  VA’s program provides an excellent product and benefit for those individuals who have served or are serving to protect our families and our nation.

Some of the benefits of a VA loan are:

  • 100% financing of sales price is available.

  • Loans are assumable, provided the person assuming the loan is qualified.

  • Veterans’ closing costs are limited by VA.

  • Additional assistance is offered by VA should veterans have problems making their home loan payments in the future.

  • Prepayment of the loan without a penalty.

  • There is no Private Mortgage Insurance

  • Veterans must meet credit standards but loans are not “score driven”

If you’re one of millions of veterans and service personnel who are eligible to participate in the U.S. Department of Veterans Affairs’ Home Loan Guarantee Program, you can apply for a Certificate of Eligibility for the VA Loan program.
You’ll need to fill out Form 26-1880.

Visit the U.S. Department of Veterans Affairs Home Loan website and click on “Am I Eligible for a Home Loan?”, http://www.benefits.va.gov/HOMELOANS/,
or call (800) 827-1000.

Give us a call or email for more info on VA Loans.