VA Mortgage Basics 1

What is a VA Mortgage?

The Department of Veterans Affairs (VA) guarantees loans to help qualified veterans, reservists, and active-duty service members to finance their homes. Refinance or Purchase. The VA loan allows veterans 100% financing without private mortgage. A VA funding fee of 0 to 3.3% of the loan amount is paid to the VA and is allowed to be financed.

Active Duty Military/Veterans and their families have been at the heart of many of the programs of the U.S. Department of Housing and Urban Development (HUD) — even before HUD became a Federal Department. After World War II, Federal Housing Administration (FHA) mortgage insurance combined with Veteran’s Administration mortgage guarantees to help returning veterans achieve the American dream and buy their own homes in record numbers.

You can apply for a Certificate of Eligibility by filling out a governmental form called the VA Form 26-1880, Request For a Certificate of Eligibility For Home Loan Benefits.

Check with your lender if you don’t know if you cant find your certificate, they can quickly process your request and find out if you are eligible for a VA mortgage through a system called ACE.

Read Also: Frequently Asked Questions about the VA Home Loan Program

VA Mortgage Benefits

A VA home loan is one reward that is available to them, and a reward that those of us in Real Estate Industry need to make them aware of, and the advantages that VA Mortgage provide them with.

VA Mortgage benefits for a Veteran:

  • No down payment
  • No PMI
  • Loan amounts up to $417,000
  • Assumable mortgages

Those who are eligible:

  • Honorably discharged
  • Widow/widower of eligible service member or spouse of an MIA or POW
  • Wartime service – a minimum of 90 days active duty
  • Peacetime periods – 181 days of continuous active duty
  • Actively in service or a valid VA Form DD214
  • Have certificate of eligibility

Hopefully this will assist Veterans be aware of and utilize every benefit that they are entitled to.

For more information call Colleen Kulikowski

(716) 650-0051


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About Colleen Kulikowski, Associate Real Estate Broker (716) 650-0051

Colleen Kulikowski is an Associate Real Estate Broker with J. Philip Real Estate specializing in Western New York residential homes who doesn’t follow trends; she blazes new trails and is able to recognize industry trends and implement them to her client’s best interest. Colleen has created a unique following with one of the top local internet positions in the country generating thousands of leads for her team. Real Estate is a second career for Kulikowski who’s first career was in Information Technology and Data Warehousing working for such companies as Radio City Music Hall, Nabisco Foods and as a consultant in the Financial and Insurance industries. A strong background in technology and management provides her with keen analytical and sharp negotiating skills.

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