VA LOAN MIAMI

What is a VA Loan?

VA stands for Veterans Affairs. The U.S. Department of Veterans Affairs created a military serviceperson loan guarantee program in 1944 to enable active and returning military service members & their surviving spouses to purchase homes in cases where private financing is not generally available and help our service members realize the dream of home-ownership with no down-payment.

The VA Loan Guarantee Program was expanded in 1992 to expand the eligible pool of borrowers to also include National Guard personnel and Reservists. The VA Loan Guarantee program guarantees mortgages made by approved VA lenders to military personnel and their spouses.

To clarify a point of confusion, the Agency of Veterans Affairs does not directly make VA Loans. The VA, rather guarantees the loan enabling approved VA lenders the ability to offer eligible borrowers loans at highly competitive mortgage rates, with no down-payment, no mortgage insurance, and easier credit/underwriting guidelines. The loan is meant for the purchase of a service member’s primary residence only – not second homes or investment properties.

Foundation Mortgage Corporation is an Approved Correspondent VA Lender!

Am I Eligible for A VA Loan?
  • If you have served 90 consecutive days of active service during wartime you may be eligible for a VA Home Loan.

  • If you have served 181 days of active service during peacetime you may be eligible for a VA Home Mortgage.

  • If you have more than 6 years service in the National Guard you may be eligible for a VA Loan.

  • If you have more than 6 years service as a Reservist you may be eligible for a VA Loan.

  • If you are the spouse of a service member who died in the line of duty or as a result of service-related disability you may be eligible for a home loan through the VA program.

  • Veterans & Members of the National Guard or Reserves who have been previously called to active duty will need their DD Form 2014.

  • Active Service Members will need a current Statement of Service.

I Am Disabled; Do I Need to Pay the VA Funding Fee?

VA Home Loan Borrowers with service-related disability can receive an exemption from the VA and may not have to pay the VA Funding Fee.

  • Disabled Veterans receiving VA compensation for a service-related disability do not have to pay the VA Funding Fee.

  • Disabled Veterans who would be entitled to receive compensation for a service related disability if they did not receive retirement or active duty pay.

  • Surviving Spouses whose partner died either in service or from a service related disability.