Being a first-time home buyer is a very exciting and rewarding time in your life, but it can also be a challenging and complicated one. You may be asking yourself, “What type of home loan should I get?”

 

If you do qualify for a VA-guaranteed loan, it is an option you may seriously want to consider.

 

As a First-Time Buyer, do I Qualify for a VA Guaranteed Loan?

 

If you served before 1990 and meet at least one of the following eligibility requirements, you may qualify for a VA loan:

  • You have served a minimum of 90 consecutive days during war time

  • You have served a minimum of 181 days during peacetime

  • You have served a minimum of 6 years in the Reserves or National Guard, AND

    • Were discharged honorably, OR
    • Were placed on the retired list, OR
    • Were transferred to the Standby Reserve or an element of the Ready Reserve other than the Select Reserve after honorable service, OR
    • Continue to serve in the Selected Reserve

  • You are an un-remarried spouse of a Veteran who died while in service or from a service-connected disability

  • You are a spouse of a Servicemember missing in action or a prisoner of war

 

If you served after 1990, you may qualify for a VA loan if you meet one of the following:

 

  • You have served 24 months of continuous active-duty - with other than dishonorable discharge

  • You have served at least 90 days or completed the full term that you were ordered to active duty with other than dishonorable discharge

  • You have served at least 90 days active duty – and discharged for hardship, early out, convenience of the Government, reduction in force, condition interfered with duty or compensable service-connected disability

  • You have served less than 90 days active duty - if discharged for a service-connected disability

  • Have a minimum of six years of service in the Selected Reserve or National Guard, AND

    • Were discharged honorably, OR
    • Were placed on the retired list, OR
    • Were transferred to the Standby Reserve or an element of the Ready Reserve other than the Selected Reserve after honorable service, OR
    • Continue to serve in the Selected Reserve

 

If you do meet one of the qualifying conditions listed above, you will need to present a Certificate of Eligibility (COE) to the lender. This verifies that you are eligible for a VA-guaranteed loan.

 

The U.S. Department of Veterans Affairs offers a list of COE evidence you may need depending on the nature of your eligibility.

 

What Benefits can I Enjoy with a VA Loan?

 

As a first-time home buyer, you may not be aware of the many benefits that a VA loan could provide. The advantages offered by VA loans over conventional loans, for example, are numerous. 

 

VA loans have such beneficial features as: 

  • Zero down payment requirements

  • Zero private mortgage insurance (PMI) requirements

  • Competitive interest rates

  • Reusable and lifelong benefits

  • Limitations on closing costs

  • An assumable or transferable loan

  • No prepayment penalty

 

Apply for a NewDay Zero Down VA Home Loan Today

 

If you are eligible for a VA-guaranteed loan and want to enjoy the benefits listed above, apply for a NewDay $0 Down VA Home Loan today.

 

NewDay USA wants to help you on your exciting journey of becoming a homeowner and a dedicated loan officer can guide you through the entire process start to finish.

 

Give us a call today at 800-405-4187 if you have any questions.