Alabama VA Loans

If you are an active service member, a veteran, or a qualifying spouse looking to put down roots in Alabama, Griffin Funding is here to help. We are proud to offer VA loan services in:

• Birmingham
• Montgomery
• Mobile
• Tuscaloosa
• Huntsville
• Decatur
• Auburn
• Dothan
• Hoover

Griffin Funding offers VA loans in all areas and cities in Alabama. Contact Griffin Funding to see if you qualify.

VA loans in Alabama are backed by the Department of Veteran Affairs and provide financial assistance for qualifying active service members, veterans, and surviving spouses. Alabama VA loans can provide borrowers with highly competitive rates and up to 100% financing, meaning no down payment is required.

Since the federal government guarantees the loan, no down payment is required, no private mortgage insurance (PMI) is required, applications can be approved with a lower credit limit than traditional lenders, and more refinance options are available. If you qualify for a VA home loan in Alabama, you can enjoy this life-long benefit. There is no limit to how many times you can use a VA loan.

Getting started with the VA home loan process in Alabama can be intimidating, but it’s a pretty straightforward process:

1. Obtain your Certificate of Eligibility from the VA. If you need help obtaining your COE, our team can provide assistance.
2. Contact Griffin Funding to speak with one of our loan officers and fill out a loan application.
3. Provide necessary documentation, such as bank statements or tax returns, to complete your application.
4. Schedule a VA appraisal and inspection for the home.
5. Upon a completed inspection, you will receive final loan documents to be signed and notarized.
6. Receive the funding for your loan.

VA purchase loans in Alabama typically receive same-day funding. Our goal is complete the entire VA loan process within 30 days or less, so you can move into your new home quickly.

A VA loan limit refers to the amount of money you can borrow without having to make a down payment if you don’t have full entitlement. These limits can vary by county and can also change based on the current housing market, meaning counties with lower housing costs will have lower limits, and counties with high housing costs will have higher limits. The standard VA loan limit in Alabama across all counties is $766,550 for a single-family home.

It’s important to note that VA loan borrowers with full entitlement are no longer subject to loan limits. This means that if you have your full entitlement and want to purchase a home that exceeds the VA loan limit in Alabama, you will be able to do so without having to make a down payment. If you’ve never used a VA loan, sold a home you bought with a VA loan, or have paid off a previous VA loan in full, then you likely have full entitlement.

Griffin Funding can assist with a few types of VA loans. Here are the types of VA loans in Alabama that we offer:

• VA purchase loan:A VA purchase loan is designed to assist current service members and veterans in buying a home. VA purchase loans have better interest rates and terms than other home loan options and do not require a down payment. A VA purchase loan in Alabama can be used to buy or build a home.
• VA streamline refinance: A VA streamline refinance loan, or a VA IRRRL (interest rate reduction refinance loan), is a refinance mortgage that replaces your current VA home loan in Alabama. When you refinance your mortgage, you replace your current mortgage with a new one. People will often refinance because the new VA home loan offers better terms, like a lower interest rate. You must have a current Alabama VA loan to qualify for a VA streamline refinance loan.
• VA cash-out refinance: A VA cash-out refinance allows you to replace your current mortgage with a larger one. With a cash-out refinance, you can pay off your current VA loan or a non-VA home loan and pocket the remaining funds. You can use the money from the VA cash-out refinance to pay off debts, cover emergency expenses, make improvements to your home, and more.

Although VA loans allow you to purchase a home or refinance your mortgage, one of their limitations is that you can’t use them to buy an investment property. If you are looking for loans to help purchase an investment property in the state, take a look at Alabama DSCR loans.

To get approved for an Alabama VA loan, you must meet requirements set by both the VA and the lender. You may be eligible for a VA loan in Alabama if:

• You are a veteran, current service member, or surviving spouse of a military member
• You have a Certificate of Eligibility (COE)
• You have a minimum 550 credit score
• You meet the income qualifications required by your lender

At Griffin Funding, we can work with you to ensure you meet the necessary VA loan requirements. If you are qualified to receive an Alabama home VA loan and are ready to start the lending process, it is a good idea to get VA loan pre-approval. This will help during house hunting so you can better understand how much you can afford. Getting pre-approved can also expedite the home-buying process. You can also use the Griffin Gold app to help with financial planning.

If you are an active military member or veteran, you have ample options when it comes to buying a home in Alabama. When you are ready to buy a home with an Alabama VA loan, Griffin Funding is here to help you every step of the way.

Complete an application to get started on your Alabama VA loan.