VA Loans

At MOD Mortgage, we honor the service of veterans and active military members by offering VA loans—a special mortgage option that helps our heroes achieve homeownership. Backed by the Department of Veterans Affairs, VA loans provide significant benefits for those who have served our country. Here's everything you need to know about securing a VA loan with us.

What Are VA Loans?

VA loans are government-backed mortgages designed exclusively for veterans, active-duty service members, and certain members of the National Guard and Reserves. These loans come with notable advantages, making homeownership more accessible and affordable for the military community.

Features and Benefits

  • No Down Payment Required: One of the most significant benefits of a VA loan is the possibility of 0% down payment, making it easier to purchase a home.

  • No Private Mortgage Insurance (PMI): VA loans do not require PMI, which is typically mandatory for buyers who put down less than 20% on other types of loans, leading to lower monthly payments.

  • Competitive Interest Rates: VA loans offer some of the most competitive interest rates available, further reducing your monthly expenses.

  • Flexible Credit Requirements: While VA loans have guidelines for credit, they are generally more flexible than conventional loan requirements.

  • Limitation on Closing Costs: The VA limits the closing costs lenders can charge to VA loan applicants, making the borrowing process more affordable.

  • Assistance with Payment Difficulties: The VA offers assistance to borrowers experiencing financial hardship, making it easier to avoid foreclosure.

Eligibility and Requirements

Eligibility for a VA loan is based on service history and duty status. Most veterans, active duty service members, and members of the National Guard or Reserves are eligible. Spouses of military members who died while on active duty or as a result of a service-connected disability may also be eligible.

To qualify, you will need:

  • A valid Certificate of Eligibility (COE).

  • Sufficient income to cover monthly expenses and the new mortgage payment.

  • A good credit score, though requirements can be more flexible than for conventional loans.

  • The home must be your primary residence.

How to Apply

  1. Obtain Your COE: Start by getting your Certificate of Eligibility to prove your service to lenders.

  2. Pre-Approval: Contact us for pre-approval to determine how much house you can afford.

  3. Gather Documents: Be prepared with your financial documents, including income verification, bank statements, and more.

  4. Application: Fill out our application form online or reach out to our team for personalized assistance.

  5. Closing: Once approved, you'll finalize the loan at closing, where you'll sign the necessary paperwork and take the next step towards homeownership.

Why Choose MOD Mortgage for Your VA Loan?

At MOD Mortgage, we're committed to serving those who've served us. Our experienced team is specialized in VA loans and understands the unique needs of military borrowers. We're here to guide you through every step of the process, ensuring you take full advantage of the benefits you've earned.

Ready to Start?

If you're interested in a VA loan or have any questions, contact us today. Our dedicated team is ready to help you achieve your dream of homeownership with the respect and support you deserve.