Wisconsin VA Loans

If you are a veteran or are currently serving in the military and wish to buy a home, the Department of Veteran’s Affairs has a home loan option for you. The VA mortgage program gives you the chance to purchase a home with no money down at an affordable rate with low fees and closing costs.

The loans, which are offered through a traditional lender, have backing from the VA. This limits the risk the lender takes, and thus makes it possible for the buyer to purchase with no money down. This loan is offered as a “thank you” to our country’s service men and women, helping them find affordable housing.

Do I Qualify?

If you are currently serving in the military or are a veteran, chances are high that you qualify. Here are the basic qualifications:

Veteran with honorable discharge serving 90 days during wartime
Veteran with honorable discharge serving 181 continuous days during peacetime
Active duty military having served 181 days
National Guard member who served six years and attended required training and drills
Surviving spouse of a veteran killed during active duty

If you fall into one of these categories, you may be able to borrow the money for your home with no down payment.

What Do I Need to Apply?

In order to apply for a VA mortgage, you must be able to prove your income, service record and identity. Have the following documents ready when you apply:

Social Security card for you and any co-borrower (like your spouse)
Residential history (two years)
Employment history (two years)
Last two paycheck stubs or equivalent income verification
Last two months of asset statements/Estimated value of assets
Certificate of Eligibility
DD214 or equivalent
Credit report
W2s for two years for all jobs
Information on any real estate or properties owned

Keep in mind that you will pay the VA Funding Fee if you choose to use a VA mortgage. This fee helps with the cost of the program. For most veterans, this fee is much less than the insurance and penalties they would pay purchasing a home with no down payment using the traditional mortgage route.


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