Empowering Veterans: Zero Down, 100% Home

A VA loan is a mortgage loan program established by the United States Department of Veterans Affairs (VA) to help eligible veterans, active-duty service members, and surviving spouses purchase or refinance homes. These loans are guaranteed by the VA, which allows lenders to offer favorable terms to qualified borrowers.

Eligibility for VA loans is typically determined by the applicant's military service history. Generally, active-duty service members, veterans, reservists, and National Guard members who meet specific service requirements are eligible for VA loans. Surviving spouses of service members who died as a result of service-related injuries or disabilities may also qualify.

Some key benefits of VA loans include:

• • No down payment required: VA loans often allow eligible borrowers to purchase a home with no down payment, making homeownership more accessible.
• • Competitive interest rates: VA loans typically offer competitive interest rates compared to conventional mortgages.
• • No private mortgage insurance (PMI) required: VA loans do not require borrowers to pay private mortgage insurance, which can result in lower monthly payments.
• • Flexible qualification criteria: VA loans may have more lenient credit and income requirements compared to conventional loans, making them easier to qualify for.

To apply for a VA loan with Ameritrust-Mortgage, you can start by contacting one of our experienced loan officers. They will guide you through the application process, help you determine your eligibility, and assist you in gathering the necessary documentation.

While specific documentation requirements may vary, typical documents needed for a VA loan application include:

• • Certificate of Eligibility (COE) from the VA.
• • Certificate of Eligibility (COE) from the VA.
• • Proof of employment history.
• • Proof of employment history.
• • Identification documents, such as a driver's license or passport.

The maximum loan amount for a VA loan is determined by the VA loan limit set by the Federal Housing Finance Agency (FHFA). In most areas, the VA loan limit corresponds to the conforming loan limit set by Fannie Mae and Freddie Mac. However, in high-cost areas, the VA loan limit may be higher.

Yes, eligible borrowers can use VA loans to refinance their existing mortgages through various VA loan refinance programs, such as the VA Interest Rate Reduction Refinance Loan (IRRRL) or VA Cash-Out Refinance loan. These programs offer options for lowering interest rates, adjusting loan terms, or accessing home equity.

The timeline for closing on a VA loan can vary depending on factors such as the lender's processing times, the complexity of the transaction, and the availability of required documentation. On average, VA loans may take anywhere from 30 to 45 days to close, but some loans may close more quickly or take longer, depending on individual circumstances.