Skip to main content

Understanding VA Home Loans: Your Path to Homeownership

The first step to accessing your VA home loan benefits is obtaining a Certificate of Eligibility (COE). This document confirms to your lender that you qualify for a VA-backed home loan. If you need help with this process or have any questions, I’m here to guide you every step of the way!

Who Qualifies for a VA Loan?

  • Veterans who meet specific service length requirements

  • Active-duty service members with a minimum service period

  • Certain Reservists and National Guard members

  • Eligible surviving spouses of deceased veterans

Credit Score Requirements

  • The VA itself does not set a minimum credit score.

  • Lenders have their own credit score requirements, generally between 580 and 620, depending on your credit profile.

  • VA requires lenders to review your entire financial profile, not just your credit score.

Key Benefits of a VA Loan

  • No down payment required (unless your lender requires it)

  • No private mortgage insurance (PMI)

  • Lenient credit requirements compared to conventional loans

  • Exceptionally low interest rates

  • Reusable benefit for future home purchases

  • VA staff assistance available if you encounter financial difficulties

  • Loan can be assumed by qualified persons

  • Equal opportunity for all eligible veterans

What is the VA Funding Fee?

  • This is a one-time fee paid on VA-backed or direct VA home loans.

  • It applies when buying, building, improving, repairing, or refinancing a home with a VA loan — unless you qualify for an exemption.

  • Veterans receiving VA disability compensation are exempt from paying this fee.

How to Pay the Funding Fee

  • The funding fee can be included in your loan amount and paid off over time, or

  • Paid in full at closing.

How Much is the Funding Fee?

  • The fee varies based on your loan amount, type of loan, whether it’s your first time or a subsequent VA loan, and your down payment amount.

  • Your lender will calculate the exact fee and include it in your closing costs.

Special Offer for Veterans

As a thank you for your service, all veterans who purchase a home through me at Iron Valley Real Estate of Central PA will receive:

  • A free one-year home warranty

  • A free home cleaning before move-in

Need Help?

Whether you’re ready to apply for your VA benefits, have questions about lenders, or want assistance buying or selling a home, I’m here to support you.

Contact Katelyn Mayer
Iron Valley Real Estate of Central PA
📞 717-446-1640
✉️ kmayer359@gmail.com


Comments

Post a Comment

Popular posts from this blog

🏡 Housing Options in East York & Red Lion, PA

🏡 Rental Options in East York & Red Lion Discover a wide range of rental homes tailored to fit various lifestyles and budgets in East York and nearby Red Lion. Whether you're searching for a cozy one-bedroom apartment or a spacious three-bedroom townhome, there's something here for everyone. 📍 East York Springett’s Apartments 📍 50 Eisenhower Dr, York, PA 17402 1- and 2-bedroom level apartments 🔗 manorcommunities.com Suburban Park Apartments 📍 2685 Carnegie Rd, East York, PA 17402 1- and 2-bedroom apartments 🔗 liveatsuburbanpark.com Fallbrook Flats 📍 3889 E Market St, York, PA 17402 1-, 2-, and 3-bedroom apartments 🔗 jcmliving.com The Apartments at Waterford 📍 200 Governors Pl, York, PA 17402 Modern layouts with 1- to 3-bedroom options 🔗 waterford.theapartmentgallery.com 📍 Red Lion Lionsgate Townhomes 📍 101 N Cheviot Way, Red Lion, PA 17356 2- and 3-bedroom townhomes 🔗 morgan-properties.com Hudson Ri...
Post a Comment
Read more

How to Obtain a Pennsylvania Driver’s License (For Foreign Nationals)

Whether you're a resident foreign national or visiting from another country, here is the updated step-by-step process to get your PA driver’s license or legally drive in Pennsylvania. Driving in PA as a Visitor from Another Country Check if your country has a Driver License Foreign Reciprocity Agreement with Pennsylvania. If yes , you may be able to convert your foreign license without taking the knowledge or road tests . If no , you are legally permitted to drive in PA for up to 30 days using your valid foreign driver’s license before you need to get a PA license. Step 1: Study the PA Driver’s Manual Review the manual carefully to prepare for the knowledge test. Language options and a study app are available to assist you. 👉 Get a Driver's License | Commonwealth of Pennsylvania Step 2: Complete Form DL-180 This form is a physician certification verifying your physical ability to drive. You must have it filled out by a licensed physician. Available ...
Post a Comment
Read more

🏙️ Welcome to York, PA – Community Resource Guide

🏛️ Key Government Services Social Security Administration 📍 2670 Industrial Hwy, York, PA 17402 🌐 www.ssa.gov PennDOT Driver’s License Center 📍 2134 S Queen St, York, PA 17403 🌐 PA Driver Services 🏦 Banking Options Wells Fargo Truist Fulton Bank M&T Bank First National Bank PNC Bank 💉 Health & Medical Primary Care & Urgent Care Conrad Knossos, MD Kristina Steele Spring Garden Family Practice Family Practice Center, PC WellSpan Family Medicine Patient First Primary & Urgent Care – East York MedExpress Urgent Care Pediatricians WellSpan Pediatric Medicine – Dover Elizabeth M. Imboden, MD Joseph W. Dempsey, MD Pediatric Care of York Dentistry Pediatric: Children's Dental Centre of York General: Knepley James A DMD Dental Dreams 🏫 Schools & Education 📌 Schoo...
Post a Comment
Read more