VA Loan
Perfect for active duty or retired service members.
The Wood Group of Fairway Mortgage is proud to help military families achieve their dream of homeownership. VA loans are guaranteed by the US Department of Veteran Affairs* and are available to active service members, veterans, and surviving spouses. These loans come with a long list of benefits, including zero-down payment options and no private mortgage insurance.
As supporters of the American Warrior Initiative, we also help educate realtors and other real estate service providers on how to meet the specific needs that our veterans face during the homebuying process.
VA Eligibility Requirements
While the benefits of a VA loan are unique in the marketplace, the qualification requirements are a little tighter than other programs. In order to qualify for a VA loan, you or your spouse must have:
- Served 6+ years in the Reserves or National Guard
- Served 181 days during peacetime
- Served 90 days during wartime
- A credit score of 580 or higher
You must first obtain a valid Certificate of Eligibility (COE) based on your length of service or service commitment, duty status, and character of service. Your mortgage adviser can assist with this step.
Eligibility also extends to spouses of service members who died during active duty, are listed as POW/MIA for at least 90 days, or who died or as the result of a military-related disability.
If you don’t meet these specific requirements, you may still qualify. It’s always worth a conversation with one of our mortgage advisers for a look at your specific situation as you consider homebuying.
Benefits of the VA Loan Program
- 100% financing available with full VA entitlement**
- No private mortgage insurance (PMI)
- Competitive interest rates
- Fixed- and adjustable-rate options
- Seller and lender credits can be used for closing costs
- Townhomes and VA-approved condos are eligible
**A down payment is required if the borrower does not have full VA entitlement.
VA Frequently Asked Questions
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What is a COE (Certificate of Eligibility)?
A COE is a document obtained from the federal government. It certifies that you meet the minimum service requirements for a VA home loan. COE’s are part of what determines the maximum amount you can borrow from a mortgage lender.
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How do I apply for a COE?
You may apply by mail, through the VA’s benefits portal, or have one of our mortgage advisers take care of the application for you.
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Are spouses eligible for a VA loan?
Yes. Surviving spouses of service members who died during active duty, are listed as POW/MIA for at least 90 days, or who died or as the result of a military-related disability.
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Do I have to pay closing costs on a VA loan?
Yes. But you may use seller and lender credits toward closing costs. Funding fees can be “rolled into” the loan amount so you avoid upfront, out-of-pocket expenses. Your mortgage adviser will give a run-down on your specific exemptions.