VA Loans

Veteran Affairs Loans in Columbus OHVeterans Affairs (VA) has a program that helps veterans, service members and surviving spouses to own homes. VA home loans allow eligible borrowers to buy, repair, retain or build a home for their personal use. The Department of Veterans Affairs guarantees the loans so mortgage insurance is unnecessary. Likewise, most program options do not require a down payment or a minimum credit score.

Home Loan Options

VA home loans belong to one of the few mortgage products that do not require borrowers to put up a down payment. Veterans and active military members plus eligible spouses can get the loan. It is also easier to qualify for this loan option compared to traditional mortgages.

It is important to clarify that the U.S. Department of Veterans Affairs does not provide the loans directly. The VA guarantees it and a private lender provides the loan given that guidelines are satisfied. Options include:

  • Purchase loan – VA offers assistance on securing home purchase loans for great interest rates if you have difficulty finding other financing options
  • Cash-out Refinance –The VA can guarantee loans up to 100% of the home’s value. Cash-out refinance refers to the cash taken from the built-up home equity to settle other financial needs

Why Get a VA Loan?

Because the VA guarantees the loans, lenders can offer more flexible terms. Some of these include:

  • No down payment required if the sales price does not go beyond the appraised value
  • No need for a private mortgage insurance premium
  • The VA imposes limits on closing costs that borrowers can be charged with
  • Sellers can settle the closing costs
  • No penalty fee if you settle the loan early
  • VA can provide assistance if you are struggling with the payments


Most veterans, military members, National Guard personnel and surviving spouses are eligible for a VA loan. Active military members typically qualify after six months of service. National Guard members and reservists should wait for six years before applying. However, if they go on active duty prior to that they can be eligible after 181 days of service. Many reservists qualify under active duty status. During war periods, National Guard members, active-duty members and reservists can qualify after 90 days of service. If you want to be a borrower then you need to get a certificate of eligibility. You can submit the form online.

For more VA loan assistance, you can contact Columbus OH Mortgage Broker. We have a team of loan specialists who know the particulars of this program, as well as other home loan and mortgage products.