VA Loan for Veterans and Serving Military Personnel

VA loan rates are on average lower than regular mortgage interest rates saving you in the long term.

What are VA Loans?
A VA Loan is a mortgage loan that is guaranteed by the department of Veteran Affairs in the United States of America.

Veterans of the Armed forces, Serving military personnel and reservists can apply, as well as windows who have not re-married.

Who is eligible for a VA Home Loan?

The rules on eligibility vary depending on the time and dates you served in the military, active serving personnel need to have been in service for at least 90 days, this will change when an end date has been established for the Gulf War Service.

Those who have left but served during the Gulf war era (2nd of August 1990 – Now) you will be eligible if you completed 2 years active service. If you were serving during the Second world war, The Korean Conflict or the Vietnam war you will also be eligible.

If you were only serving during peacetime (July 1947-June 1950, February 1955-August 1964 and May 1975- October 1981) then you will need to have been in active service for at least 181 days and not been dishonourably discharged. There are many exceptions to these rules for service between 1980-1990 so it is worth checking directly with the department of Veterans Affairs.

What are the benefits of a VA Loan?
The main benefit is that you don’t need a down payment meaning you can get on the property ladder without years of saving. You would normally need between a 3.5-5% down payment.

VA loan rates are on average lower than regular mortgage interest rates saving you in the long term. Most sites offering VA Loans have a VA Loan calculator so you can work out what your monthly repayments and total interest would be.

There are no early payment fees, meaning if you do have some extra cash you can repay part or all of your loan early with no penalty.

No need for monthly mortgage insurance as the cost of your insurance is incorporated into the loan amount. Most buyers will need to have insurance unless they make a down payment of 20%+