What You Should Know about VA Home Loans

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Tags: Veteran & Military Programs

veteran.pngVeterans served our country – now, it’s our turn to serve them. Wyndham Capital provides a home loan guarantee benefit that allows you to capitalize on more flexible-lending guidelines and a faster loan-approval process. We are able to provide veterans with more favorable terms because VA guarantees a portion of the loan.



What You Should Know About VA Home Loans




Here are some of the benefits of a VA Home Loan and how it compares to a traditional mortgage:

  1. No down payment for qualified borrowers
    1. Conventional loans generally require down payments up to 20%
  2. Private Mortgage Insurance is not required
  3. Competitive Interest Rates
    1. Since conventional loans are not government backed, banks take on more risk while can result in a less-competitive interest rate.
  4. It’s easier to qualify
    1. Conventional loans have stricter qualification procedures.




The VA Loan is designed specifically for people who served our country. However, to qualify, you must meet one or more of the following conditions:


  • You must have served 90 consecutive days of active service during wartime
  • You must have served 181 days of active service during peacetime
  • You must have served more than 6 years of service in the National Guard or Reserves
  • You are the spouse of a service member who died in the line of duty or as a result of a service-related disability
  • You must not have been discharged under dishonorable conditions


All recipients of a VA Loan must obtain a Certificate of Eligibility that explains your VA entitlement. While you aren’t required to reach a specific income threshold to use your home loan benefits, you are expected to have reliable income that will cover monthly mortgage payments. The VA also requires you maintain a certain amount of income left over each month after all major expenses are paid.




Rates for VA Home Loans are generally lower than a conventional mortgage. Your interest rate is influenced by several factors including your credit score, debt-to-income ratio, loan duration, and current market conditions. As with traditional mortgages, the higher your credit score, the lower your rate; however, because of the VA Guaranty, it still may be easier for you to qualify for a mortgage even if you have a low credit score.



Have more questions? Check out more specifics on or VA Loan Program.