VA Home Loans

VA Mortgage Loans

If you are a veteran, active military member, or a spouse of a deceased veteran, you may be eligible to purchase a home or refinance with a VA loan. This loan program comes with many benefits over a conventional mortgage, and it’s designed to help those who have served our country achieve homeownership. The most attractive benefit of the VA loan is the ability to purchase a home with no money down.

A VA loan is a mortgage issued by private lenders and backed by the U.S. Department of Veterans Affairs. Introduced as part of the GI Bill in 1944, VA loans have become very popular due to their less stringent qualification standards.

A VA loan can be used to purchase a home, build a new house, make home improvements, or refinance your current mortgage. A VA loan is preferred for active, non-active, Reserve, National Guard, and retired military of the armed forces because there is no down payment needed and no private monthly mortgage insurance required.

Why Choose a VA Loan?

VA loans are one of the best options available for veterans to buy a home or refinance their current VA mortgage. This program allows you to purchase a home with no down payment and 100% financing. Also, monthly mortgage insurance is not required, making a VA loan even more affordable. If a veteran currently has a VA loan, they can take advantage of a reduced documentation refinance by using the streamline program to lower their monthly mortgage payments.

What Are the Benefits of VA Loans?

No down payment
No mortgage insurance
Credit scores down to 600
No prepayment penalty ever
Up to 50% debt-to-income ratio
A VA loan may also be assumable
Allows for 4% seller paid closing costs

What Are the Waiting Periods After a Hardship?

2 Years from Foreclosure or Short Sale
2 Years from Discharge of Chapter 7 Bankruptcy
1 Year from Discharge of Chapter 13 Bankruptcy

Who is Eligible for a VA Home Loan?

Wartime Veterans Who Were Not Dishonorably Discharged and Served At Least 90 Days:

World War II – September 16, 1940 to July 25, 1947
Korean Conflict – June 27, 1950 to January 31, 1955
Vietnam Era – August 5, 1964 to May 7, 1975
Persian Gulf War – Check with VA regional office for specific eligibility
Afghanistan and Iraq – Check the VA’s Website for eligibility guidelines for current service in Afghanistan and Iraq

Reserves and National Guard

World War II – September 16, 1940 to July 25, 1947
Korean Conflict – June 27, 1950 to January 31, 1955
Vietnam Era – August 5, 1964 to May 7, 1975
Persian Gulf War – Check with VA regional office for specific eligibility
Afghanistan and Iraq – Check the VA’s Website for eligibility guidelines for current service in Afghanistan and Iraq

Peacetime Service

World War II – September 16, 1940 to July 25, 1947
Korean Conflict – June 27, 1950 to January 31, 1955
Vietnam Era – August 5, 1964 to May 7, 1975
Persian Gulf War – Check with VA regional office for specific eligibility
Afghanistan and Iraq – Check the VA’s Website for eligibility guidelines for current service in Afghanistan and Iraq

Other Types of Service That May Make Your Eligible For a VA Loan

World War II – September 16, 1940 to July 25, 1947
Korean Conflict – June 27, 1950 to January 31, 1955
Vietnam Era – August 5, 1964 to May 7, 1975
Persian Gulf War – Check with VA regional office for specific eligibility
Afghanistan and Iraq – Check the VA’s Website for eligibility guidelines for current service in Afghanistan and Iraq

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Waymaker Mortgage and The Scottie Campbell Mortgage Team are a division of Groves Capital, Inc.

Company NMLS # 1678775

© Copyright 2021 Waymaker Mortgage | (www.nmlsconsumeraccess.org) | Terms, conditions, and restrictions may apply. Loan products are subject to availability and credit approval. Not a commitment to extending credit. Hometown Lenders USA AZ BK-0949142. Licensed by the Department of Corporations under the California Department of Financial Protections & Innovation. Company License # 41DBO60614. | Mortgage Company Complaint

Hometown Lenders is licensed under the laws of the State of Texas and by state law is subject to regulatory oversight by the Texas Department of Banking

Texas Mortgage Banker Disclosure – Figure: 7 TAC 81.200(c) “CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.”

205 ILCS 635/2-9 Posting of license

The license of a licensee whose home office is within the State of Illinois or of an out-of-state licensee shall be conspicuously posted in every office of the licensee located in Illinois. Out-of-state licensees without an Illinois office shall produce the license upon request. Licensees originating loans on the Internet shall post on their Internet website their license number and the address and telephone number of the Commissioner. The license shall state the full name and address of the licensee. The license shall not be transferable or assignable. A separate certificate shall be issued for posting in each full-service Illinois office.

Licensee shall post on their internet web site the address and telephone number of the IDFPR. James R. Thompson Center

IDFPR-Residential Mortgage Banking

100 W. Randolph, 9th Floor

Chicago, Illinois, 60601

Tel: (844) 768-1713