There is a special mortgage type for active duty military, reservists, and veterans, called a VA mortgage. This mortgage works nothing like a conventional or FHA mortgage, as it does not rely on traditional debt to income calculations and has much more forgiving credit qualifications. It was a mortgage program designed by the government to help ensure members of our military are able to purchase a home.

This program works because the government guarantees a portion of the mortgage, making it possible for lenders to offer attractive options. A VA mortgage can be used to purchase a home with little or no down payment and can be used to purchase a home which needs repairs. You can even borrow money to improve energy efficiency with a VA mortgage. Lenders are also able to offer mortgages to credit challenged borrowers who otherwise could not qualify for a mortgage. And because of the differences in debt calculations, it is much easier to qualify for the house you want.

To apply for a VA mortgage, you simply obtain your certificate of eligibility (register here and you can get a copy) and give it to your loan officer, who does the rest. It is a painless process, and is a great, stress free way for veterans to find the perfect home.

If you have any questions about the process, please leave a comment or contact me. I would love to explain how a VA mortgage can help you, and get you into your dream home.