We sat down with our own service member, Dan Crumly, to learn more about VA Loans.
Q: What are VA Loans?
A: Veterans Affairs (VA) Loans are mortgages guaranteed by the US Department of Veterans Affairs. The program started in 1944 as a benefit to service members allowing them to buy homes without a down payment or excellent credit.
Q: What are some advantages to a VA Loan?
A: Some of the biggest reasons are:
- No Down Payment
- No Private Mortgage Insurance (PMI)
- No Prepayment Penalty
Q: How do Veterans qualify for a VA Loan?
A: You may be eligible if you meet one or more of the following:
- Served 90 consecutive days of active service during wartime
- Served 181 days of active service during peacetime
- Served more than 6 years in the National Guard or Reserves
Dan has served 5 years in the Army Reserve. He is currently with the 231st Transportation Company (Inland Cargo Transfer) in Athens, GA.