VA Loan Basics: Top 3 Things to Know About VA Loans

Over the past several weeks we have been uncovering some of the different mortgage options available for home buyers. Over the next couple weeks, we will discuss VA loans, thanks to Kristy Noll, an underwriter here at The Mortgage Company. Today, we will look at the top 3 things to know about using a VA loan for your mortgage.

Who Can Apply for a VA Loan?

There are many misconceptions surrounding VA loans, and one of the biggest ones is around who is qualified to apply for a VA loan.

The answer is relatively simple: if you have served in the US military in just about any capacity, you are likely eligible for the VA loan. There are some restrictions beyond that, for example, you must have been honorably discharged, and not dishonorably discharged. Sometimes there can be a minimum time requirement for service, for example, 90 days during wartime or 6 months during peacetime. These requirements can vary on a case-to-case basis, so if you have any questions, it would be best to call your local VA office.

But for the most part, any active duty military member, reservist, or veteran can take advantage of the VA loan for a mortgage on their home.

How Many Times Can You Use A VA Loan?

A common question surrounding VA loans is how many times you can receive a VA loan. You can use your VA loan privileges over and over again, and you can have two VA loans simultaneously. For instance, if you currently have a VA loan on a property, you could turn that into a rental property and use the VA loan to buy your primary residence as well. VA loans are for primary residences only. There are specific guidelines and eligibility requirements that must be met in order to purchase a new primary residence.

There are a lot of advantages to using a VA Loan

Here are just some of the many benefits the VA loan offers:

  • They are assumable*
  • 100% Loan to Value*
  • Generous Requirements*
  • Flexibility with closing costs*
  • Refinances*

Next week, we will dive into all of these advantages in more detail. There are many myths surrounding VA loans, but in reality, the advantages are clearly evident, and there are little to no disadvantages.

In fact, it is very important for all parties, realtors, lenders, buyers, and sellers to realize how important and beneficial VA loans are to our armed service members. When you sell a home to a VA buyer, you are helping out a military family, which is very important.



*VA has specific underwriting requirements and eligibility requirements. The information in this blog and podcast are meant to be educational and do not contain all conditions or guidelines needed to meet the VA or the lenders underwriting requirements. This document is not a commitment to lend.




Kristy Noll

DE Underwriter









Cheri Landin


NMLS #68929