VA (Veterans Affairs) Loans

• No Down Payment: VA loans eliminate the need for a down payment, helping borrowers purchase a home without substantial upfront costs.
• No PMI: Unlike conventional loans, VA loans do not require private mortgage insurance, saving borrowers significant money each month.
• Flexible Credit Requirements: VA loans are more forgiving with credit scores, making them accessible to a wide range of borrowers.
• Lower Interest Rates: Enjoy competitive interest rates that reduce the long-term cost of your mortgage.
• Limited Closing Costs: The VA limits the types of fees borrowers can be charged, keeping closing costs low.
• Reusable Benefit: The VA loan benefit can be used multiple times, as long as previous loans are paid off or eligibility is restored.

VA loans are available to:

• Veterans who served on active duty and meet minimum service requirements.
• Active-duty service members.
• Members of the National Guard or Reserves.
• Surviving spouses of veterans who died in service or as a result of a service-connected disability.

To qualify for a VA loan, borrowers must meet the following:

1. Certificate of Eligibility (COE): This document confirms your eligibility for the VA loan program.
2. Satisfactory Credit and Income: While VA loans are lenient, lenders will evaluate your credit and income to ensure you can afford the loan.
3. Primary Residence: The property must be your primary residence (VA loans are not for investment properties).
4. Residual Income: Borrowers must meet residual income requirements to ensure sufficient funds remain after major expenses.

At Millennia Mortgage Group, we honor the service of our nation’s heroes by making the VA loan process as smooth and straightforward as possible. Our team will:

• Help you obtain your Certificate of Eligibility (COE).
• Explain the VA loan benefits and tailor a solution that fits your needs.
• Support you through every step, from pre-approval to closing.