VA Home Loans

PUT AS LITTLE AS 0% DOWN WITH A VA LOAN 

VA Loans, backed by the Federal Government, allow Wasatch Peaks Credit Union to offer affordable interest rates and more flexible payment periods for veterans and active-duty service members applying for a mortgage. Best of all, down payments are typically 0%, letting you secure your dream home as soon as possible.

FOR THOSE WHO SERVE, A HELPING HAND TO HOMEOWNERSHIP

Choosing to serve your country involves sacrifice. Among other things, it can make it harder to get started on saving for a home of your own.

Recognizing this need, the Department of Veterans Affairs created VA Loans to help veterans and active-duty service personnel afford good homes for themselves and their families. 

At Wasatch Peaks Credit Union, we’re proud to provide veterans and service members with access to more affordable government-backed mortgages. 

VA Loans offer lower rates and more flexible terms than conventional fixed-rate mortgages. They also usually require no down payment or private mortgage insurance and have lower closing costs.

Click below to start your application or contact us to learn more.

HOW DOES A VA LOAN WORK?

VA mortgage loans are available to both veterans and active duty and some reserve service personnel.  Once approved, you qualify for affordable rates and more flexible terms, and may be eligible for a down payment as low as 0% on a primary residence. 

You’ll also be exempt from the private mortgage insurance (PMI) usually required from borrowers with low down payments or lower credit scores.

Mortgages do require a one-time funding fee to support the VA Loans program. Wasatch Peaks is able to finance 100% of this fee by rolling it into monthly mortgage payments over the life of your loan.

THREE STEPS TO APPLY FOR A VA LOAN IN UTAH

VA HOME LOAN FAQs

• What are VA Loan requirements?

  To qualify for a VA Loan, you must meet specific financial and service eligibility requirements:

  • You must be an eligible veteran, active-duty service member, or a qualifying member of the National Guard or Reserves. Some surviving spouses may also qualify.

  • A Certificate of Eligibility (COE) is required to apply.

  • A good credit score and stable income that meet debt-to-income guidelines.

  • The financed home must be your primary residence, not a vacation or investment property.

   

• What is acceptable proof of military service for Wasatch Peaks Credit Union?

  To apply for a VA loan, you must provide proof of military service. If you are on active duty, please supply an original statement of service signed by an authority figure that identifies yourself and your social security number. This statement should include the date of your current active duty period. Find more information about acceptable service proof in the U.S. Department of Veterans Affairs website.

• How do I get a Certificate of Eligibility?

  Lenders such as Wasatch Peaks Credit Union can provide you with a certificate of eligibility known as a ‘Web LGY.’ Our loan officers will use your online application to help complete a certificate at the time of submission.

• Is it hard to get a VA Loan approved?

  With no down payment or private mortgage insurance required, and more flexible credit and debt-to-income ratio requirements, VA Loans are generally easier to qualify for than conventional loans, provided you meet the service requirements.

• What credit score is needed to qualify for a VA Loan?

  A credit score of 620 or higher is typically required to qualify for a VA Loan.

• How much will a VA Loan approve?

  There is no specific limit to the loan amount of a VA mortgage, provided you qualify financially. Lenders will look at your income, credit, and debts, as well as the home’s appraised value. 

• What are VA guidelines for an appraisal?

  VA appraisals follow specific guidelines to ensure the property is safe, sound, and sanitary. The home must meet Minimum Property Requirements with major hazards or structural issues. It must also be a primary residence, move-in ready, and accessible year-round.

• How does a $0 down VA Loan work?

  VA Loans typically have no down payment. You’ll also pay no private mortgage insurance, typically required on conventional loans with smaller down payments. The loans do, however, include a one-time VA funding fee, which can be paid upfront or rolled into your monthly mortgage payments.

• I have already had a VA Loan in the past. Can I get another?

  VA loans are reusable in specific circumstances, and service members may have their eligibility restored under certain circumstances. Please call to speak with our loan officers for help related to your situation.

• Do I need to join Wasatch Peaks Credit Union to apply for a VA Loan?

  You do not have to be a member to get a VA Loan through Wasatch Peaks Credit Union.

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