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VA Home Loans in Virginia

Does the mortgage lending process scare you? Don’t let it. At Dash Home Loans, we help homebuyers explore more than a dozen loan types, pinpointing the perfect financing tool for them. For many military families, the best mortgage option is a VA home loan

Similar to a USDA or FHA loan, VA home loans are guaranteed by the federal government and can only be offered by VA approved lenders like Dash. But unlike other VA-approved lenders, Dash will connect you with a Mortgage Coach after you apply. This dedicated team member will make your home lending process quick and painless.

Are you a veteran? Do you want to close on your dream home in Virginia? Dash Home Loans can help!

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What Is a VA Home Loan?

VA loans are an attractive lending option available to eligible service members, veterans, and their spouses. Since VA home loans are backed by the U.S. Department of Veteran Affairs, lenders will issue loans to applicants who may otherwise be considered too risky. That makes VA loans a viable option for borrowers with less-than-perfect credit.

Perhaps the biggest advantage of a VA loan is that borrowers don’t need to put money down. This makes homeownership achievable for families with limited cash. Of course, it’s important to keep in mind that your lender may have specific credit requirements for a no-down-payment VA loan.


VA Home Loan Requirements in Virginia

Not everyone who has served in the U.S. Armed Forces qualifies for a VA loan. Whether or not you qualify depends on the length of service and whether or not you served during wartime. For example, someone must serve 181 days during peacetime to receive a VA loan. If you serve during wartime, the duration drops to 90 days. 

All this being said, before applying for a VA loan in Virginia, you need to determine your eligibility. If you meet the requirements, you’ll then need to request a VA home loan Certificate of Eligibility from your local Department of Veterans Affairs. 

Not sure if you qualify? Contact us today to talk with one of our friendly team members.

Who Is Eligible for a VA Loan?

Do you think a VA loan could be a good fit for you? First, see if you’re eligible. To obtain a VA home loan in Virginia, you must meet one of these requirements:

  • You are an active duty service member or you have been honorably discharged.
  • You have at least 90 days of consecutive service during a time of war period (as defined by the VA) or you have at least 181 days of service during a time of peace.
  • You have at least six years of service in the National Guard or Selected Reserve.
  • You are a spouse of someone who died in the line of duty in a recognized Armed Service.

To learn more about VA home loan eligibility, contact Dash Home Loans online or call our mortgage professionals at 757-280-1994 today!


Benefits & Disadvantages of a VA Home Loan

VA home loans are a wonderful option for eligible borrowers. Much like USDA and FHA loans, VA home loans are guaranteed by the federal government. That means if you default on your mortgage, the U.S. Department of Veterans Affairs will pay a claim to the lender for the unpaid balance. This lowers the lending risk and generates tons of benefits for borrowers, including:

  • No down payment*
  • Lower credit score requirements
  • Higher debt-to-income ratio requirements
  • No private mortgage insurance 
  • Lower interest rates

The obvious disadvantage of a VA home loan is that borrowers must meet specific eligibility requirements. Borrowers must also pay a VA loan fee. This fee ranges from 1.25% to 3% of the loan amount.


VA Home Loan Rates in Virginia

Since VA loans are backed by the federal government, lenders can offer very competitive interest rates. Your specific interest rate will be influenced by your credit history and income. 


VA Home Loan Process for Virginia Homeowners

Applying for a VA loan in Virginia is like applying for any other mortgage. After securing a Certificate of Eligibility from your local Department of Veterans Affairs, you’ll work with a mortgage lender to get preapproved. During the preapproval process, your lender will request proof of income, employment history, assets and debts, and more. 

Though VA home loans are designed for applicants with less-than-perfect credit, your FICO score will still impact your application. No minimum credit score is required, but most lenders only work with borrowers with a credit score of 620 or higher. At Dash, we work with homebuyers with a credit score of 580 or higher. 

Once pre-approved, you’ll know how much house you can afford. Plus, when you make an offer, sellers will take you more seriously if you attach a letter of pre-approval. So, are you ready to get pre-approved for a VA loan in Virginia? If so, get in touch with Dash Home Loans today.

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How To Get a VA Home Loan in Virginia

You placed an offer on that four-bedroom dream house. What comes next? After placing an offer, the lender will send your documentation to mortgage underwriters. They’ll make the final call on your mortgage approval. You’ll also need an appraisal to ensure that the home meets VA and lender guidelines. 

Documents & Paperwork to Submit

To receive a VA loan in Virginia, you’ll need to submit a paper trail confirming your identity and financial information. More specifically, you’ll need to submit:

  • Identification: To confirm your identity, you’ll need to submit a copy of government-issued identification (driver’s license, State ID).
  • Proof of Income: You will need recent pay stubs, as well as two years of federal tax returns, W-2 forms, and alimony/child support documents.
  • Asset & Debt Verification: Lenders will need to see proof of expenses to verify your debt-to-income ratio (should be about 36%). This includes all monthly debt payments (auto/student loans, credit cards, existing mortgages, retirement accounts). They will also need to see proof of all assets (bank/investment accounts). 
  • Certificate of Eligibility (COE): You will need a COE from the Department of Veterans Affairs that confirms your eligibility for the VA loan program.

This documentation is needed to confirm your eligibility for a VA loan. 

Timeline

The total time to close a VA loan can range from 30 days to 90 days—about standard for the mortgage industry. Factors that affect this timeline include the closing date, appraisal, any “subject to” repairs, and the underwriting process.

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Apply for a VA Loan in Virginia With Dash

Are you eager to get approved for a VA loan in Virginia? Want to hear more about what makes Dash so awesome? Contact us to get connected with one of our friendly Mortgage Coaches.

Ready to get started? Yay! Click “Apply now” below to start your application. 

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Frequently asked questions

Virginia VA Home Loan FAQs

How long does it take to get prequalified for a VA home loan?

Prequalification can be quick and easy. If your documentation is in order, you can be prequalified in as little as 24 hours. The closing process takes about 30 days.  

Can you get a VA loan for a second home?

Sometimes. A VA loan cannot be used to purchase a vacation home, like a beach house or mountain cabin. However, depending on your lender, you may be able to use a VA loan to finance a second primary residence. A second primary residence is where you spend more than six months out of the year.  

Who qualifies for a VA loan?

Not everyone who has served in the U.S. Armed Forces qualifies for a VA loan. To receive a VA loan, you must obtain a Certificate of Eligibility. Only active duty personnel who have served at least 90 days of consecutive active duty during wartime or 181 days during peacetime can receive this certificate. National Guard or Selected Reserve members need at least six years of service. If you’re the spouse of a veteran who died in the line of duty, you may also qualify.