Mortgage Loans For Veterans

VA loans are mortgage loans that are guaranteed by the U.S. Department of Veterans Affairs (VA). Created in 1944, this program was designed to help returning service members become homeowners. VA loans are an essential tool to help current and former military members to become homeowners today given the advantages once compared to a conventional or FHA loan.

J.G. Wentworth is proud to be an approved VA loan lender. We understand the importance of offering VA loans. Not only are we a proud sponsor of Homes for Our Troops, but we are also honored to be a partner of MilitaryTimes. We pride ourselves on offering low rates and no points or hidden fees to those who have served our nation. 

VA Loan Advantages

There are a number of advantages that VA loans have over conventional mortgage loans. Here are just some of the benefits:

  • No Down Payment When Buying a Home
  • No Private Mortgage Insurance (PMI)
  • Lower Interest Rates
  • Easier to Qualify
  • Refinancing for up to 100 Percent of Your Home’s Value
  • Relaxed Credit Standards

All of these VA loan benefits are available to military home buyers due to the fact that the federal government backs VA loans. 

Part of the monthly payments for your VA loan will include a VA Funding Fee. This fee goes directly to the VA to ensure the VA mortgage loan program is in place for future generations of veteran and military home buyers. When you are a VA borrower, you are able to roll the funding fee over into your loan amount, instead of paying out-of-pocket like you would have to with a conventional loan. With all of these advantages in place, many borrowers are able to purchase a home without any money due at closing. 

VA Loan Eligibility

In order to be eligible for a VA loan, the Department of Veterans Affairs has VA loan requirements in place that you must meet. You may be eligible for a VA loan if you meet one or more of the following conditions:

  • You have actively served during wartime for 90 consecutive days;
  • You have actively served during peacetime for 181 consecutive days;
  • You have served in the Reserves or National Guard for more than six years;
  • You are the spouse of a service member who died in the line of duty or as a result of a service-related injury.

If one or more of these conditions apply to you, you have the opportunity to take advantage of the benefits VA loans have to offer. You can contact one of our VA loan specialists to verify your qualifications.

How to Obtain a VA Loan Certificate of Eligibility (COE)

A Certificate of Eligibility verifies the character and length of your service. It is used to confirm your eligibility to take advantage of the VA home loan benefit. You can apply for your VA Loan Certificate of Eligibility one of three ways:

  • Apply through your J.G. Wentworth loan specialist
  • Apply through the VA’s online eBenefits portal
  • Apply by mailing in VA Form 26-1880

The process only takes a few minutes, and it will help you move forward with the mortgage loan process without any delays.

VA Loan Refinancing

In addition to mortgage loans, VA loan refinancing is available to qualified veteran homeowners. Even if you did not obtain a VA loan when you first bought your home, you still have the opportunity to take advantage of the program. 

Here are two VA loan refinancing options provided to homeowners:

  • VA Streamline (IRRRL) Refinance -  The Interest Rate Reduction Refinance Loan is a refinancing option for those who would like to take advantage of lower interest rates.
  • Cash-Out Refinance - This option is for those who want to take advantage of the equity in their home and use it as cash. Not to be confused with a home equity loan, this type of refinancing will replace your existing mortgage, giving you the cash you need to pay for home repairs, renovations, and anything else you want to use it for.

You can take advantage of today’s low rates with VA loan refinancing through J.G. Wentworth.

VA Loan Rates

VA loan rates are generally lower than traditional mortgage rates. This is due to the fact that the VA loans are guaranteed by the federal government. There are several factors that influence the interest rate on your VA loan, including:

  • Credit score
  • Debt-to-income ratio
  • Loan duration
  • Current market conditions

Typically, the better your credit score, the lower your interest rate will be; but thanks to the VA Guaranty, you may be able to qualify for a low rate even if your credit score isn’t perfect. Want to see what rates you may qualify for? You can get a rate quote in just a few clicks.

As a VA-approved lender, we are committed to providing not only the best rates, but also the highest level of customer service. Our knowledgeable VA loan specialists are available to answer any questions you may have. Contact J.G. Wentworth today and speak to one of our VA loan specialists.

Homes for Our Troops 

J.G. Wentworth® is a proud sponsor of Homes for Our Troops. Building homes, Rebuilding lives.

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Home Loan Benefits For Military Veterans

How do I get started?

J.G. Wentworth offers a wide variety of loan programs with low rates and no points and no hidden fees.  To get started, you can call us or let us contact you by completing a short form.  You can also get a rate quote in seconds with no personal information required. We look forward to working with you.