You’ve worked hard as a hero to our country, and it’s time to settle into civilian life. For many veterans, this means purchasing a house to call home. At MortgageDepot, we have access to a variety of VA loan options in Pennsylvania. With our help, you might be able to finance up to 100% of your home purchase with a VA loan.
What Are VA Loans?
VA loans are designed to help veterans, current military members and some military spouses buy a home. VA loans are issued by private lenders and backed by the U.S. Department of Veterans Affairs. There are many types of VA loans available, and MortgageDepot’s experienced loan officers will help you find the right match.
Who Is Eligible for a VA Loan?
To qualify for a VA loan, borrowers typically must meet one of the following requirements:
- At least 90 consecutive days of service during a war.
- At least 181 consecutive days of service during peace.
- At least six years of service in the National Guard or Reserves.
- Have a spouse who has died in the line of duty.
Eligibility requirements may vary across specific VA loan programs. MortgageDepot will help you determine if you qualify for a VA loan.
VA Loan Benefits
With flexible programs, VA loans bring the dream of homeownership to life for many veterans. Here are some of the benefits that borrowers might experience:
- No down payment due at closing.
- No private mortgage insurance requirement.
- Low interest rates compared to conventional mortgages.
- No maximum income limits.
- Borrowers can use their military-issued Basic Allowance for Housing as qualifying income.
- Borrowers can refinance if interest rates decrease.
- No penalty for paying off the loan before it matures.
Contact MortgageDepot Today
If you are thinking about purchasing a home in Pennsylvania and think that you might qualify for a VA loan, contact MortgageDepot. Our professional loan experts will help you determine your eligibility, explore your options and apply for the VA loan that aligns with your homeownership goals.