A VA mortgage loan is a specialized loan type provided exclusively to veterans of the US Armed Services. These loans are backed and guaranteed by the Department of Veteran Affairs (VA) and offer highly beneficial financial advantages to veterans who issued by federally qualified lenders and are guaranteed by the U.S. Veterans Administration, designed to offer long-term financing to American veterans. VA loans if they are VA-approved; for properties of this type not already approved, borrowers may fill out forms to submit to the VA to find out whether the property will qualify. In terms of manufactured homes, some may be eligible for financing if they are classified and taxed as real estate and affixed to a permanent location and foundation. In addition, manufactured homes must conform to building codes and zoning requirements. guidelines and may not offer VA loans for all types of property.

VA “entitlement” is a representation of what the VA guarantees to repay the lender when a borrower defaults on his or her loan. The specific entitlement of any given borrower can be found on the Certificate of Eligibility (COE). A veteran may call their local VA office to obtain their COE or it can be requested on your behalf by providing your DD Form 214 and a completed VA Form 26-1880. Entitlement determines eligibility and
issues a COE to qualifying applicants. Next, borrowers must also meet standard underwriting requirements as with any other loan in terms of current income, credit history and score, past bankruptcies, and debt-to-income ratio, however it is generally easier to qualify for a VA loan than conventional loans.

Benefits only offered through a VA guaranteed loan:

• 100% financing without private mortgage insurance or 20% second mortgage
• No monthly mortgage insurance
• No minimum Credit Score Requirement
• VA funding fee waived for Veteran’s receiving service connected disability compensation
• VA limits the fees a Veteran is allowed to pay
• No prepayment penalties
• Assumable loans available