The VA loan program has seen some changes recently, making them worth having a look at again if you are a veteran considering purchasing a home.

According to RisMedia these changes have resulted in Veteran loans that offer 100% financing (with the exception of a few). The loan limits now top $417K and in high cost regions like Hawaii or Alaska they top $625K. Those are impressive numbers. With today’s market you can buy a cozy, comfortable home for that amount. And there’s nothing holding you back since you don’t even need a downpayment.

But who can qualify for a VA Loan? It seems VA loans are open to those that are either active or retired from military duty and those in the National Guard and Reserves. There are limitations in the type of home they’ll finance, and you must actually live in the home so there’s no mortgage money for investment properties, but that’s okay.

You need to be able to prove your income but they don’t really care about your credit score. They do however place a lot of importance on your payment history for the last two years, and you must have a minimum of 2 years of military service to qualify.

There are certainly differences in a VA loan from a traditional loan and some are significant, however there are also benefits and if you work with a mortgage broker that understands VA mortgaging you could find yourself in a viable situation.

VA mortgages might not be for all veterans, but they are certainly worth considering.