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Amid the housing collapse and credit crunch, one federal program continues to abet military homebuyers in financing a home. The VA Home Loan Guaranty program alleviates qualifying and financial pressures for veterans and active-duty service members.
               The program eliminates stringent financial and credit requirements. As a result, about 80 percent of those who qualified for a VA loan did not qualify for a conventional one. This stems primarily from VA-certified lenders looking for credit scores of 620 or higher and debt-to-income ratios of 41 percent or lower. On top of that, military homebuyers can still qualify for a VA loan despite a previous bankruptcy or foreclosure.
               Even though not every veteran and service member is eligible for a New Jersey VA loan, the service requirements encompass a majority of those who served. The most immediate and clear-cut disqualifying factor is a dishonorable discharge. Otherwise, homebuyers who may be eligible often fall into one of three groups:
               -Military personnel who served on active duty for 90 or 181 days during wartime or peacetime, respectively.
               -Reservists and National Guard members who served for at least six years.
               -Spouses who have not remarried and whose spouse died while serving or due to a service-related injury.
               There’s no shortage of financial benefits to a New Jersey VA loan. The most noticeable feature is the miniscule down payment. Most of the time VA loan borrowers pay nothing down, and completely finance their home. In Middlesex and Monmouth counties the VA loan limit is $735,000. That maximum gives homebuyers the option of using a VA loan to finance the full value of homes worth that much. Finding a property in those counties and Monroe Township in particular puts you within an afternoon’s drive of New York City and Philadelphia.
               As though the tiny down payments weren’t enough, others aspects of the VA loan program save borrowers’ money in the long run, such as no private mortgage insurance and negotiable interest rates. There are also refinancing options unique to the program that allow homeowners to lower their interest rates. To learn about additional benefits to New Jersey VA loans, contact a VA-certified lender today.
               Getting a New Jersey VA loan starts with the Certificate of Eligibility (COE). Complete this short form through the VA or through an approved lender to confirm you meet the eligibility standards for the program.

Matt Polsky is a mortgage commentator for VA Mortgage Center. For more information on the VA home loan process visit VA Mortgage Center.com

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