A VA Loan is Designed to offer long-term financing to veterans. VA mortgage loans are issued by federally qualified lenders and are guaranteed by the U.S. Veterans Administration. The VA determines eligibility and issues a certificate to qualifying applicants to submit to their mortgage lender of choice.
What is a VA Loan?
A VA loan is a mortgage that is guaranteed by the U.S. Department of Veterans Affairs. These loans are issued by private lenders that are approved by the VA. To be eligible for this loan, a borrower must have or must be serving the U.S. military. One of the beauties about this loan type is that it does not require a down payment; a borrower can finance 100% of the purchase price if it is not exceeding the VA loan limits for the area.
Benefits of VA Loans
- No Down Payment
- No Mortgage Insurance Premium nor Private Mortgage Insurance; but there is a VA Funding Fee Requirement
- VA Funding Fee may be financed
- Low credit scores may be approved
- Flexibility in requirements
VA Loan Eligibility
- Typically, 620 FICO score or higher
- VA Certificate of Eligibility required
- Available to active duty military, veterans, reservists and military spouses.
VA Loan Limits
Different counties have different limits on how much you can borrow for an VA Loan.
Get Pre-Approved for a VA Loan
If you are a veteran in Chicago, including suburbs such as Lisle, Plainfield IL, Naperville, Schaumburg IL, or anywhere in the entire state of Illinois, contact Zachary Kraus Mortgage Lending Team at Success Mortgage Partners, Inc at (630) 230-8602 for more information, or simply fill out the form on this page.