VA Loans

VA Loans with Great Benefits

At Riverside Mortgage Group, one of our greatest joys is working with veterans, servicemembers and others who have directly or indirectly served our country as part of the armed forces. VA loans are a nonconventional mortgage option designed to help veterans and other eligible beneficiaries find affordable home financing. They’re insured by the U.S. Department of Veterans Affairs and funded by private lenders. They have great benefits like 0% down payment. If you think a VA loan may be right for you, contact Riverside Mortgage Group to schedule a consultation. David Sefton is a long-time, local mortgage professional who can help you with this and any other mortgage queries. David and the Riverside mortgage team can quickly determine if you’re eligible for a VA loan and provide a free quote. We work with borrowers in Beaverton, Portland, Gresham, and Oregon City.

Opening the Door to Funding

The VA Home Loan Guaranty Program was first introduced in 1944 as part of the GI Bill. VA loans are fully funded by VA-approved private lenders, who are reimbursed by the VA if a lender defaults on his or her mortgage payments. Lenders are able to approve a wider array of borrowers for VA loans than they might for a conventional loan that isn’t insured by the government.

Eligibility Requirements

VA loans have no minimum credit requirement, although a credit score of at least 620 or higher is recommended. Borrowers will need to show proof of their ability to make their monthly mortgage payments and other homeowners’ expenses. They’ll also need to obtain a certificate of eligibility (COE), which is provided by the VA to eligible candidates. In basic terms, eligible candidates are:

  • Veterans or current servicemembers who served at least 90 days of active duty during wartime
  • Veterans or current servicemembers who served at least 181 days of active duty during peacetime
  • Members of the Reserves and National Guard who have served at least six years.
  • Unremarried spouses of veterans declared MIA or POW or who died during service or from a service-related injury
  • Spouses of veterans declared MIA, POW or who died during service or from a service-related injury who remarried after age 57
  • Certain members of other federal organizations like the National Oceanic and Atmospheric Administration

If you think you may be a candidate, our mortgage professionals can quickly verify your eligibility and help you obtain your COE.

Buying a VA-Approved Home

The VA doesn’t limit how much a candidate can borrow with a VA loan; however, they will only insure loans up to a certain value. In most Oregon counties, that limit is $453,100. If you need a home loan that exceeds that value, you can still get a VA loan, but you will have to pay a down payment of 20% of the difference between the limit and the value of your loan.

You can use a VA loan to purchase a house, condo in a VA-approved building, or manufactured home. You can also use VA funding to build a home or pay for renovations like energy upgrades. The VA Loan Guaranty can be reused, as well, as long as the original loan has been paid off.

We’ll Find a Funding Solution for You

To learn more about VA loans and other nonconventional loan options, contact Riverside Mortgage Group about financing in Beaverton, Portland, Gresham, or Oregon City, OR. We offer free, no obligation quotes and are here to answer any questions you may have.