What Is a VA Home Loan?
A VA home loan is backed by the Department of Veteran Affairs and is designed specifically for veterans or active-duty service members. A VA home loan makes it possible for veterans and active-duty service members to purchase a home with zero down payment.
There are many benefits of using a VA home loan in CT to buy a home, such as:
- Zero down payment
- Lower interest rates
- Do not require private mortgage insurance
- Offer more flexible loan requirements
- No fee if you pay your loan off early
- You can sell or refinance your home with no restrictions
- Limited closing costs
- You can purchase various types of properties, such as condos and duplexes
- You can add a family member for VA joint loans
Because of these flexible terms, VA home loans are typically more affordable, so veterans and active-duty service members can buy a home while still being able to pay off other debts.
Types of VA Loans Available
Griffin Funding specializes in several types of VA loans in CT, including:
- VA Purchase Loan: With a VA purchase loan, you can buy a house with no down payment and low-interest rates. A VA purchase loan is only available for veterans and current service members.
- VA Cash-Out Refinance Loan: With a VA cash-out refinance loan, you can replace your current loan with a new one that has more favorable terms. You can use a VA cash-out refinance loan to turn your home’s equity into cash by refinancing the loan. Your original home doesn’t need to have been purchased with a VA loan to qualify.
- VA Streamline Refinance: A VA streamline refinance loan can help you refinance your current loan to a lower interest rate, so you can save money on your monthly mortgage payments.
Areas We Serve
Griffin Funding offers Connecticut VA loans in several areas located throughout the state. The areas in CT that we serve include:
- New Haven
What Are the Requirements for a VA Loan in Connecticut?
To qualify for a VA home loan in Connecticut, there are several requirements that you must meet. You must fall into one of the following categories in order to qualify for a VA loan in CT:
- A current service member who served at least 90 days during wartime or 181 days during peacetime
- A veteran who served during wartime or peacetime
- A reserve or national guard member who completed at least 6 years of service
Eligible surviving spouses
- Their spouse must have died in service or due to service-related injuries
- A member of the armed forces of a government who allied with the U.S. during World War II
- They must be a U.S. citizen
- Spouse of an active service member who has been listed as a prisoner of war or who has been missing-in-action for at least 90 days
The credit score and down payment requirements for a VA loan will differ depending on your mortgage lender. But at Griffin Funding, the minimum credit score needed to qualify for a VA loan is typically 580. However, the requirements also differ for each type of VA loan.
For example, the Griffin Funding requirements for a VA purchase loan or a cash-out refinance loan include:
- Minimum 550 credit score
- Income qualification
- Certificate of eligibility
- 2 year waiting period for foreclosures, short sales, and Chapter 7 bankruptcies
- 1 year waiting period for Chapter 12 bankruptcies
- Pest inspection
However, the Griffin Funding requirements for a VA streamline refinance loan are much more lenient. These requirements include:
- No minimum credit score needed
- No pest inspection
- No monthly mortgage insurance
- No income verification
- No appraisal
If you use Griffin Funding as your mortgage lender, we’ll help you get a VA home loan that works for you and your individual circumstances.
What Is the Minimum Income for a VA Loan?
There is no minimum income needed to qualify for a VA loan. Other government mortgage programs have a minimum income that you have to make in order to qualify for a loan, but this is not the case with a VA loan.
What Is the VA Loan Limit in Connecticut?
A loan limit is the maximum amount of money that the Department of Veteran Affairs can loan you without you having to make a down payment. There is no limit on the amount of money that you can borrow, but there is a limit on how much you can borrow without making a down payment.
The VA loan limit in Connecticut varies depending on what county you live in. For example, Litchfield and Fairfield County have a VA loan limit of $766,500. Griffin Funding offers zero down VA purchase loans up to $1,500,000 regardless of County.
Apply for a VA Home Loan in Connecticut Now
If you’re interested in applying for a Connecticut VA home loan, Griffin Funding is the best place to go. With Griffin Funding, you can connect with mortgage brokers in CT that accept VA loans and will work with you to find a VA loan that suits your needs. VA loans offer zero down payments and lower interest rates, so you can make your home buying dreams a reality.
So whether you’re looking to buy your first home or refinance your current mortgage to have better terms, we can do it all for you at Griffin Funding.
In addition to VA loans, we also offer a variety of other types of loans, such as Non-QM Loans, interest-only loans, and so many more. If you’re interested in applying for VA home loans in CT, complete our online application today to get started. You’ll be getting the keys to your dream home before you know it.