VA Loan

Why VA Mortgage Programs?

A VA Mortgage is a residential home loan created by veterans and is guaranteed by the US Department of Veterans Affairs. This loan is exclusively available to eligible American veterans or for their surviving spouses.

Since 1944, VA Mortgage loans are loans has helped millions of active-duty and ex-military families become homeowners. At Variant Lending Group, we take pride in serving those who served our country in our armed forces.

The VA Loan provides veterans with a federally guaranteed home loan which requires no down payment. This program was designed to provide housing and assistance for veterans and their families.

The Veterans Administration provides insurance to lenders in the case that you default on a loan. Because the mortgage is guaranteed, lenders will offer a lower interest rate and terms than a conventional home loan. VA home loans are available in all 50 states. A VA loan may also have reduced closing costs and no prepayment penalties.

Additionally there are services that may be offered to veterans in danger of defaulting on their loans. VA home loans are available to military personal that have either served 181 days during peacetime, 90 days during war, or a spouse of serviceman either killed or missing in action.

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Eligibility

It is very important to know and identify if you are one of those eligible for a VA mortgage. Eligible borrowers should have a Form DD-214, that should specify entitlement. Most National Guard and other active duty members are said to be eligible after their 90 days of service. To obtain a VA home loan, an applicant must obtain a Certificate of Eligibility.

Requirements

Unlike other loans, VA mortgages do not take a classic approach of calculating borrowing capacity. Their residual income approach to calculating affordability makes the most important requirement the borrower’s ability to repay the loan.

If you are a veteran and VA eligible, Variant Lending Group can help you maximize your benefits with a VA mortgage.

Advantages of a VA Mortgage

VA Mortgage require $0 down payment. That is the great advantage of this loan. With a VA mortgage, sellers can pay all closing costs as well. VA mortgages also have no monthly mortgage insurance premiums. This translates into low payments.

One-Time VA Funding Fee

Instead of mortgage insurance, the Veterans Administration charges borrowers a one-time funding fee. Disabled veterans may be waived of this fee. The amount of the funding fee varies, based on down payment.

Qualifying Event	Active Duty
Qualifying Event	Dates	Service Requirement
Gulf War	8/2/1990 – Present	24-month rule
Post-Vietnam	5/8/1975 – 9/7/1980**	181 continuous days
Vietnam	8/5/1964 – 5/7/1975***	90 days active service
Post-Korea	2/1/1955 – 8/4/1964	181 continuous days
Korean War	6/27/1950 – 1/31/1955	90 total days
Post-WWII	7/26/1947 – 6/26/1950	181 continuous days
WWII	9/16/1940 – 7/25/1947	90 total days
Nat. Guard & Res. (Gulf War)	8/2/1990 – Present	90 days active service
Spouse of a Veteran
Unremarried spouse of a veteran who died in service or from a service-connected disability Spouse of a service member missing in action or a prisoner of war Surviving spouse who remarried on or after age 57, and on or after 12/16/03**** Surviving spouse of certain totally disabled veterans (even if disability not cause of death)
National Guard and Reserve
Six years of service in the Selected Reserve or National Guard Must be honorably discharged, placed on retired list, or continue in the Selected Reserve

* Officer start date: 10/17/1981
** Officer end date: 10/16/1981
*** Start date for service in the Republic of Vietnam: 2/28/1961
**** A surviving spouse remarried before 12/6/03 and reaching age 57 must have applied by 12/15/04 for eligibility.

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Important Legal Disclosures

Variant Lending Group (Branch NMLS #1977530) is DBA Home Mortgage Alliance Corporation, NMLS #1165808.

Lender License (#MC-6747) and Mortgage Broker #ML-6747 in Virginia.

SML Mortgage Company License and SML Mortgage Loan Servicer Registration, licensed by the Texas Department of Savings and Mortgage Lending.

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