VA Loans

VA Mortgage Loan

The VA mortgage loans are available to men and women that have served our country in the military and the National Guard Reserves. There are qualifications that must be met for this loan including the length of time they served, and the character of the service they performed. This loan program was put into place after World War II, and was designed to help veterans fulfill their dreams of owning a home.

The Basic Requirements for a VA Loan

Before a loan can be processed it is essential that the lender verify that the borrower is eligible to apply and receive the benefits of VA mortgage loans. Additionally, veterans must be able to qualify based on their credit and financial position, meaning that the down payment they can make is critical. It is also important that veterans learn about the property types that can be purchased with a VA loan, and what the insurance premiums will cost for the category they are in along with the property type.

Veterans will find that there are loan programs available with zero down. If veterans are able to come up with a down payment of 20% or greater then they may be able to qualify for a conventional loan with a better interest rate.


Those who have applied for a VA mortgage will each have an amount of entitlement that they may receive for their new loan. The minimum amount is $36,000, and in some cases if someone is applying for a loan with a rather large amount they may be able to receive additional entitlement. It is important for everyone involved in the loan transaction that the amount one is entitled to is not indicated on the Certificate of Eligibility.

Applying for a Second VA Loan

Those who have had a VA loan before can certainly get another one. If the prior property was paid in full, eligibility can be restored for the new loan. If you are still living in the property but it was paid in full and you wish to take out another loan you may do so. However, in this case eligibility will be restored only one time, so choose wisely before making a decision.

Those who have had VA mortgage loans before on homes that have been foreclosed on may not get their eligibility restored. The government took a loss on the loan, so if this was the case the loan was must be repaid in full in order for eligibility to be restored.

Should the veteran have a surviving spouse, that spouse will be eligible to receive the home loan benefit. If the veteran and his or her spouse owned this home at the time of the veteran’s death, then the surviving spouse will be eligible to receive an interest rate reduction on a home refinance. In a time of war many have asked this question, so it’s important for you to know as a surviving spouse what options you have.

Fink & McGregor’s mortgage experts help Utah’s veterans understand these benefits and how they can take advantage of them.


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