What Is VA

The VA, Departments of Veterans Affairs, Home Loan Program has helped more than 18 million veterans and active duty service members achieve home ownership since 1944. After more than 67 years of service, the VA Home Loan Program remains one of the most progressive lending programs in the market. Because the Department of Veterans Affairs insures up to 25% of each VA home loan, approved vendors like Neighborhood Mortgage have the confidence to provide eligible military members with low interest rates and flexible loan terms.

Who Is Eligibility for a VA Home Loan?

  • Traditionally, service members who served on active duty for 90 days during wartime or 181 days during peacetime, but more recently a minimum of two years of service have been typical eligibility requirements.
  • Members of the National Guard or Reserves who served at least six years
  • Surviving spouses – who have not remarried – of a service member killed in the line of duty or as a result of a service-related injury
  • Veterans discharged due to a service-related injury.

What are the Benefits of the VA Home Loan Program?

  • No monthly mortgage insurance required
  • No down payment
  • Regulated closing costs
  • How do I get my Certificate of Eligibility?

A Certificate of Eligibility (COE) is the only reliable Proof of Eligibility on which we, as the lender, may rely, except in the case of an Interest Rate Reduction Refinancing Loan (IRRRL). Completing a Certificate of Eligibility is often faster through an approved lender like Neighborhood Mortgage than doing so through the Veterans Administration. Thanks to the Automated Certificate of Eligibility technology, Neighborhood Mortgage can pull a COE in seconds – versus waiting weeks through the VA. Remember, eligibility doesn’t guarantee loan approval however, Neighborhood Mortgage is strongly committed to securing a VA loan for every veteran and service member who qualifies.