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VA loans, or loans through the Veteran’s Administration, are special loan programs for veterans that require qualification. If you are looking at VA loans, you have probably heard of some of the great benefits: you can buy a home with no money down, you do not need monthly mortgage insurance (rather, there is just need a one-time funding fee built into the loan), and you get a competitive interest rate with low closing costs. It is probably one of the best loans out there and was designed for those who have served our country.

Do You Qualify?

If you have been in the Armed Forces, such as the Army, Navy, Air Force, Coast Guard, Marines, National Guard, or their reserves, you could be eligible. The VA loan program is inclusive of both active duty and qualified veterans. If you are already a veteran and have been honorably discharged, in most cases you will qualify for a VA loan.

There are different levels to look at: If you served less than the full amount if you were active duty combat for 90 days, or non-combat in-service for 181 days. With your certificate of eligibility or your discharge papers, we can determine your specific eligibility through a simple process.

Qualifying with a Spouse or Second Party

Many buyers are looking to buy a home with a second person, such as a girlfriend or boyfriend. However, unlike traditional loans, a VA loan requires that either both parties are veterans or that both parties are married in order to use both their incomes towards the loan qualification. There are some exceptions, such as spouse that was killed on duty, where the surviving spouse can qualify.

If you have any questions about qualifying for a VA loan, contact Pete Thompson, your Chicago area mortgage guy, at (630) 481-7188 or visit