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Attention Veterans who are Ready to Buy a Home!

Choosing the VA Home Loan

Since 1944, the Department of Veterans Affairs has helped over 18 million men and women who have served our country achieve homeownership. The VA offers veterans one of the most progressive lending programs available complete with flexible loan terms and competitive rates. VA loans in the amount of $417,000 can be given to borrowers in most areas of the United States giving potential homeowners in Vermont - where the average home price is between $260,000 and $312,000 - 100% financing. VA loans up to $1,094,625 can even be loaned to eligible borrowers seeking real estate in more expensive markets.

Benefits of the VA Home Loan

Although high loan limits are incredibly beneficial to eligible borrowers seeking their dream home in Vermont, it is not the only perk the VA Home Loan offers. Because the VA insures 25% of each loan given to borrowers, VA-approved lenders are more likely to give borrowers benefits they would normally not find elsewhere with conventional loans. Other VA loan benefits include:

- No down payment

- Down payments in the form of gifts

- Lenient debt-to-income ratios

- Mortgage insurance not required

Who is Eligible for a VA Home Loan?

The VA home loan was specifically designed with veteran and active duty service members in mind. Nearly 80% of all veterans and active service members who qualified for a VA loan would not have been eligible for a conventional home loan. Although the VA home loan was created to help veterans and service members achieve homeownership, there are a few initial requirements that must be met to achieve eligibility.  These initial requirements include:

- Must have served 181 days on active duty or 3 months during war time

- Or must have served 6 years in the National Guard or Reserves

- Or be the spouse of a service member who was killed during active duty

If a potential borrower meets one of the above eligibility requirements, they must also receive a Certificate of Eligibility which an approved VA-lender may be able to help file for. Although there are no income or credit requirements associated with the VA home loan program, most VA-approved lenders will desire a credit score of at least 620 to secure financing.

If you think you might qualify for a VA loan, we recommend contacting  Nick Parent with The Mortgage Guys at Spruce Mortgage He can be reached at 802.863.5102 or Nick@Spruce

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