VA Loans

A VA loan is a benefit of US military service. It’s a mortgage only available to eligible active-duty service members, veterans, reservists and qualified surviving spouses of those who have passed in the line of duty or as a result of a service-connected injury. VA loans are backed by the US Department of Veterans Affairs.

Types Of VA Loans

  • Purchase: VA loans allow borrowers to buy or build a home without the need for a down payment in the vast majority of cases. If you’re getting your VA loan through Generation Mortgage Associates LLC

    , construction on the home will need to be completed prior to closing.

  • Refinance: You can refinance from a different

  • type of loan into a VA loan. Additionally, VA loans are the only ones from major investors that allow you to convert 100% of your equity into cash.

  • VA Streamline: A VA Streamline is a refinance for the purpose of lowering your rate and changing your term on your existing VA loan. These loans allow you to refinance to lower your interest rate and payment even if you owe more on your home than it’s worth. There’s also a reduced funding fee and the loan usually doesn’t require an appraisal.

  • VA Jumbo: For loan amounts higher than traditional conforming loan limits, lenders offer VA jumbo loans. At Generation Mortgage Associates LLC, you can get a VA jumbo loan up to $2 million, while VA loans up to $1.5 million may not require a down payment.

  • Native American Direct Loan (NADL):

    These aren’t available through any lender, but rather made directly by the VA to eligible Native American service members and veterans for homes on tribal land. Interest rates currently start at 2.5% on a 30-year fixed mortgage.

Requirements

  • Certificate of Eligibility (COE): The Certificate of Eligibility is issued by the VA verifying that you’ve met minimum service requirements and you qualify for a VA loan. Depending on your service status, you’ll need your DD214 or a statement of service. There’s also different paperwork

    for surviving spouses. If you don’t already have your COE or a copy of your DD214, Generation Mortgage Associates LLC can help you with the process.

  • Credit score: Although the VA doesn’t set

    minimum credit score standards, lenders can set their own guidelines. At Rocket Mortgage, we require a minimum median FICO Score of 580, although this can vary based on other factors associated with your loan.

  • Debt-to-income ratio (DTI): Your DTI ratio is a comparison of the sum of your installment and revolving debt payments on a monthly basis to your gross monthly income, expressed as a percentage. If you have a fixed-rate loan, your DTI with a VA loan can be as high as 60% at Generation Mortgage Associates LLC.

  • Occupancy: The home must be your primary residence.

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Who Qualifies For A VA Loan Certificate Of Eligibility?

  • Veterans: If you’ve served for at least 90 days during active wartime or 181 days during peacetime, you’re eligible for a VA COE. However, you don’t need to meet these requirements if you were discharged due to a service-related disability.

  • Current service members: If you’re currently on active duty, and have served at least 90 days continuously, you’re eligible for a VA loan.

  • National Guard and Reserve: You’re eligible for a COE if you served at least 90 days of active duty or 6 years of honorable service. In addition, you’ll qualify if you’ve had 90 days of service under Title 32 and at least 30 days were consecutive.

  • Surviving spouses: If you’re the surviving spouse of someone who died in service, you may be eligible for a VA To qualify, the veteran must have either died in service or from a service-related disability.

See what You Qualify For

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At Generation Mortgage Associates LLC , we partner with over 50 top lenders nationwide to find the best mortgage loan tailored to your specific needs. Regardless of your financial situation, credit history or income, we can secure a mortgage for you.


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1155 Pasadena Ave S - Suite H - South Pasadena, FL 33707

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