What is a VA Guaranteed Loan? 



VA guaranteed loans are made to eligible veterans for the purchase of a home which must be for their own personal occupancy.  With a loan approval, VA will guarantee a portion of the loan to the mortgage lender.  This guaranty protects the lender against loss up to the amount guaranteed and allows a veteran to obtain favorable financing terms.  There is no maximum VA loan but lenders will generally limit VA loans to $484,350.  This is because lenders sell VA loans in the secondary market, which currently places maximum loan limits of $484,350.  For loans up to this amount, it is usually possible for a qualified veteran to obtain no down payment financing.  A veteran still has to be qualified for their income and credit for the asking price of a purchase.

VA Loans offer the following important features:

• Equal opportunity for all qualified veterans to obtain a VA loan
• No down payment (unless required by the lender or the purchase price is more than the reasonable value of the property).
• Buyer informed of reasonable value.
• The borrower usually receives a lower interest rate than is ordinarily available with other loans.
• Ability to finance the VA funding fee (plus reduced funding fees exemption for veterans receiving VA compensation).
• Closing costs are comparable with other financing types (and may be lower).
• No monthly mortgage insurance premiums.
• An assumable mortgage.
• Right to repay without penalty. VA assistance to veteran borrowers in default due to temporary financial difficulty. 

Required documents for VA Home Loan:

•Certificate of Eligibility (This can be ordered by the Lender quicker)

Form 26-1880 Request for Certificate of Eligibility

Form DD-214  Request your DD214 - Copy #4

Form 26-8937  Verification of VA Benefits

Stepping Stone Mortgage, Inc. is a qualified mortgage lender with all loan officers and processing staff trained to handle your inquiries.  Our dedicated staff will help you through the loan process in a very efficient manner for you to purchase or refinance your home.

For additional information on VA Loans please click on the links below.

Veterans Benefits Administration and Request your Military Records