VA Loans: Financing for Those Who Have Served

VA loans help veterans, service members and certain other candidates purchase, build or repair homes. The VA home loan program was developed by the U.S. Department of Veterans Affairs (the VA) during World War II to give veterans access to affordable home financing. VA loans are funded by private lenders and insured by the VA. They have some great benefits to consider whether you’re a first-time home owner or not. Contact Prosper First Funding Corporation - Nima Rezvan if you’re interested in a VA loan. Nima can quickly determine if you’re eligible and give you a free quote. He works with clients in Fairfield, Stamford, Norwalk, Trumbull, and nearby Connecticut.

A Non-conventional Lending Solution

VA home loans are a type of non-conventional loan. There are several types of non-conventional loans, each of which is insured through a different federal agency. Other examples are FHA loans and USDA loans. They help reduce lenders’ risk in the case that a borrower defaults on payments, because the government will reimburse the lender. Because of this, non-conventional loans have less stringent approval requirements than conventional mortgages (which are privately insured).

The VA does limit how much of a home loan it will insure. In Fairfield County, the limit is $726,200. You can still get a VA loan that exceeds this limit, but you’ll need to pay a 20% down payment on the difference between the limit the loan value.

VA Loan Eligibility

The VA loan approval process is left up to the VA-approved private lenders who fund them; the VA is minimally involved. Before a borrower can apply for a loan, however, he or she will need to submit a certificate of eligibility (COE), which confirms that you’ve met the service requirement. You can obtain a COE after submitting certain documents relating to your service. These are the basic service requirements, although you’ll need to confirm your own service:

  • At least 90 days of active duty service during wartime with other than dishonorable discharge
  • Less than 90 days of active duty service if discharged for a service-connected disability
  • At least 181 days of continuous active duty service during peacetime with other than dishonorable discharge
  • Less than 181 days of active duty service during peacetime if discharged for a service-connected disability
  • At least six years of service in the Selected Reserve or National Guard
  • You may also be a surviving, unremarried spouse of someone who was died during service or because of a service-related disability. You may also qualify if you remarried after age 57.
  • Certain members of other organizations, like Public Health Service officers and cadets in the United States military may be eligible.

VA Loan Advantages

The are some amazing VA loan benefits to consider. They include:

  • No down payment requirement
  • No private mortgage insurance (PMI) requirement
  • Limited closing costs, which may be paid by the seller
  • The ability to pay off a loan early

You can use a VA loan for many purposes – not just to purchase a house. You can get funding to purchase a home and make repairs, to make energy efficient upgrades, to build a home, or even to purchase an approved condominium or manufactured home.

Get Started Today

If you live in Fairfield, Stamford, Norwalk, or Trumbull, CT, contact Prosper First Funding Corporation - Nima Rezvan to learn more about VA loans. Nima offers free quotes and can help you apply for a COE and get started.


Got any questions about VA loans in Connecticut then text or call me now at 203.913.6016