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What is a VA-Guaranteed Loan?
A VA-Guaranteed Loan can be used to:
  • Buy a home, either existing or pre-construction, as residence
  • Refinance an existing loan
Benefits of a VA-Guaranteed loan:
  • Equal opportunity for all qualified Veterans to obtain a VA loan
  • Reusable
  • No down payment (unless the purchase price is more than the reasonable value of the property)
  • No mortgage insurance
  • One time VA funding fee that can be included in the loan
  • Veterans receiving VA disability compensation are exempt from the VA funding fee
  • VA limits certain closing cost a Veteran can pay
  • Can be assumed by qualified persons
  • Minimum property requirements to ensure the property is safe andsanitary
  • VA staff dedicated to assisting Veterans who become delinquent on their loan
Who is Eligible?
Generally, the following people are eligible:
  • Veterans who meet length of service requirements
  • Service members on active duty who have served a minimum period
  • Certain Reservists and National Guard members
  • Certain surviving spouses of deceased Veterans
Key underwriting criteria
  • No maximum debt ratio: however lender must provide compensating factors if the debt ration is over 41%
  • No maximum loan amount, however, VA does limit its guaranty, Veterans can borrow up to $417,000 without a down payment in most of the country. Find out the limit in any county orstate by visiting www.benifits.va.gov/homeloans/
  • Published residual income guidelines to ensure Veterans have the capacity to repay their obligations while accounting for all living expenses.
  • No minimum credit score requirement: instead VA requires a lender to review the entire loan profile to make a lending decision.
  • Complete VA credit guidelines are published at www.benefits.va.gov/warms/pam26
How to I start the process?
  • 1st Signature Lending,LLC will help you. We will need a Certificate of Eligibility (COE) to prove your entitlement. Most Veterans can obtain the COE online through ebenefits (www.ebenefits.va.gov). 
  • Note; The VA appraisal is not intended to be an "inspection" of the property
  • A Veteran should get expert advice from a qualified residential inspection service.
Can VA help if I'm having trouble making payments on my existing loan?
  • VA loan technicians are trained to help Veteran borrowers retain their homes and avoid foreclosure. Call 1-877-827-3702 to speak to a VA loan Technician.