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What’s a VA mortgage?
VA loans are home mortgages backed by the Department of Veterans Affairs (VA). With a VA loan, eligible service members and veterans can buy a home with no down payment, or refinance an existing home to get cash out or a lower monthly payment.
As an approved lender for the VA Home Loan Guarantee Program, Midwest Mortgage Investments can offer service members, veterans, and eligible surviving spouses favorable terms on all types of home mortgage products. And if you don’t meet the qualifications for a VA loan, FHA loans offer similar advantages, including lower down payment requirements.
Low or No Down Payment
A VA mortgage loan requires little or no money down at closing - a valuable benefit that's unique to the VA home loan program.
Lower Monthly Payments
Because the VA guarantees a portion of your loan, you won't need to pay mortgage insurance premiums - a significant monthly savings.
Simplified Approval Process
VA loans were designed to offset common financial challenges faced by military families and veterans, and to simplify the approval process.
|Requirements and Qualifications|
To be eligible for a VA loan, you must be an active-duty or retired member of the armed forces with at least:
Spouses of service members who died in the line of duty or as the result of a service-related disability.
You will need a Certificate of Eligibility from the VA to show that you meet these requirements. Your mortgage loan originator can help you obtain this certificate!