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  • Writer's pictureKathleenTheMortgageLady

What Is A VA Loan?

Updated: Aug 26, 2022

VA has no money down, no mortgage insurance, and a better interest rate than most mortgage programs. With this being said, VA also has a VA funding fee, which is waived for Veterans receiving 10% or more disability benefits.

There is no minimum credit score and no maximum debt-to-income ratio for qualification purposes. Debt to income ratio is a ratio between your income versus your debt. Most loans require no more than 45% or 50% depending on the program. This is a great advantage if something unique happens on your credit or your income is higher than you can prove in writing.

Check out the chart below comparing VA vs Conventional Loan.

VA loans are backed by the U.S. Department of Veterans Affairs but are originated and approved by PRMG, not the VA. These loans are a benefit for active-duty and veteran military service members and some surviving spouses.

You're eligible to apply for a VA loan if:

  • You are on active duty and have served 90 continuous days.

  • You are a veteran who meets length-of-service requirements, which generally are 90 days in wartime and 181 days in peacetime.

  • You completed 90 days of active-duty service or six creditable years in the Selected Reserve or National Guard.

  • You are the surviving spouse of a veteran who died while in service or from a service-connected disability and has not remarried or you remarried after age 57 or Dec. 16, 2003.

  • Spouses of service members missing in action or prisoners of war are also eligible.

You may still qualify even if you don't meet the length-of-service requirements in some cases, such as being discharged for a service-connected disability.

Check with me, Kathleen the Mortgage Lady for your eligibility!

Funding Fee charged by VA unless you are receiving 10% or more Disability Benefit

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Cell: 732-496-9992

Office: 732-945-6520



Kathleen Halbing, Mortgage Loan Originator Paramount Residential Mortgage Group, Inc. License FL LO19142 | PA 46861 | NJ NMLS# 219643 PRMG NMLS 75243. Equal Housing Opportunity Lender NMLS Consumer Access:

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