Veterans of the U.S. military may be eligible for a government loan program known as VA loans. Started in 1944, this program is open to former U.S. service members and offers financial assistance to those looking to purchase a home, condominium, property or homeowners looking to make home improvements. This loan is much less complicated than many mortgage loans and can be made without a down payment and often has much lower interest rates than other types of loans.
To be eligible for a VA loan, veterans have to meet the following requirements:
- Served on active duty and been honorably discharged
- Must have served 90 days during wartime or 181 continuous days during peacetime
- Veterans enlisted after September 7, 1980 or who began service after October 16, 1981, have a two-year requirement
- National Guards and reservists have a six-year requirement within certain criteria
- Surviving spouses may also be eligible
VA Loan Restrictions
VA loans do have price restrictions. Though there are some exceptions, the payments often must fall within the monthly debt-to-income ratio. Someone looking to qualify for a VA loan must use the loan for a primary residence.
If you meet the eligibility requirements for VA financing and are looking to buy a home or condo in Connecticut, contact the mortgage experts at L’Altrella Lending Group. A family-owned mortgage lending business, we specialize in getting veterans fast approval for VA loans.