VA Home Loans in Saratoga Springs, Utah

To qualify for a VA home loan, you’ll need to meet the service requirements of the Department of Veterans Affairs. You must have served at least 90 days of active duty during wartime, or 181 days during peacetime. If you’re the spouse of a service member who died in the line of duty or is missing in action, you are eligible for a VA home loan in Saratoga Springs if you receive Dependent Indemnity Compensation (DIC).

Reservist or National Guard members need to have completed at least six years of eligible service or served on Title 10 orders for at least 90 days. National Guard members who’ve served at least 90 cumulative days on Title 32 orders of which 30 days were consecutive for Section 502, 503, 504 or 505 orders are also eligible.

Those with a general or dishonorable discharge are not eligible for a Saratoga Springs VA home loan.

Once you’ve met the service requirements, you’ll need to obtain a Certificate of Eligibility from the VA.

The Certificate of Eligibility (COE) is a document that shows a service member, veteran or surviving spouse is eligible for a VA home loan. The COE verifies to the lender that you are eligible for a VA home loan and that the Department of Veterans Affairs will guarantee the mortgage.

To obtain a COE you can request a copy from the VA’s eBenefits website, through your lender or by requesting a copy by mail from the VA Regional Loan Center.

The minimum FICO score needed for a VA loan is 620 for most lenders. Some lenders will go lower to a 580 score or even as low as a 560 score. The interest rate you receive will largely depend on your credit score. Having a higher credit score will improve your mortgage rate and save you money each month on your payment.

The process of getting a VA loan in Saratoga Springs, Utah starts with getting preapproved from a loan officer. You’ll need to provide income documentation and possibly bank statements. The lender will also need to run a credit check.

Once you’ve been preapproved for your VA home loan, it normally takes 30 days or less to close once you have a home under contract.

VA home loans do not require a down payment in most cases. One of the biggest advantages of using your VA loan benefit is being able to get 100% financing. A down payment may only be required when you have two or more VA loans at the same time.

Veterans are responsible for their closing costs whether buying, refinancing or selling a home regardless of disability status.

Beginning in 2020, VA loan limits were eliminated when a service member, veteran or surviving spouse has just one VA loan at a time. However, when a borrower has two or more VA loans at the same time. The Utah County, Utah VA loan limit is $766,550 for a single unit property. Other VA loan limits Utah County, Utah exist for two to four-unit properties.

For VA loans greater than $766,550, the loan is considered High Balance. High Balance VA loans are for loan amounts over the VA loan limits Utah County, Utah. Some veterans have purchased homes for over $2,000,000 with no money down using their VA loan.