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A Closer Look at VA Loans

A Closer Look at VA Loans

A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs. It is available to military veterans as well as active armed services personnel.

Key Takeaways
• VA loans are a great mortgage option for members of the armed services, since they require little to no money down
• VA loans also offer competitive rates and carry a no Private Mortgage Insurance requirement
• In addition to typical financial documents that would be required for other loans, VA loan applications also require a Certificate of Eligibility, which helps determine how much loan you qualify for

Videos are for informational purposes only and represent the opinions of the speakers. Chase does not warrant the completeness, timeliness or accuracy of the content.

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VIDEO TRANSCRIPT

Chris: A VA loan is a loan that gives the members of our armed services a great mortgage option with little to no money down.

Marie: Initially we did a lot of research on rates, different offers.

Mandy: We started talking to a banker cause our realtor had recommended someone. She knew about my previous military history, and she recommended, ya know, you should use your VA loan, it’s a good loan for people.

Greg: You can be actively serving the country in the military or you can also be a veteran.

Chris: One of the things we have to get is a COE, or a certificate of eligibility. OK, that’s gonna really tell the tale of what they are eligible for and things like that.

Greg: And then you also need your W2s, paystubs, bank statements, ya know the basic income information that we would need to qualify you.

Chris: The bigger perks are, you can do a VA loan with no money down, as long as, you know, you’re entitlement’s there. And there’s no PMI on a VA loan.

Greg: It makes it real what we do to help people buy homes and these are real people. Because when you take a step back and you help a veteran like that’s been serving our country is just the most joyous transaction you can be a part of.

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