Veteran’s Administration (VA) Home Loans

VA loans are home loans backed by the U.S. Department of Veterans Affairs (VA) to enable servicemembers, veterans, and eligible surviving spouses become homeowners. 

A client must be a veteran, active-duty service member, member of the National Guard, or reservist to be eligible. A Certificate of Eligibility (COE) from the VA will determine eligibility for a VA loan based on service history and duty status. Some restrictions and limitations apply. Talk to a Truist mortgage professional for details or assistance obtaining this certificate.

While a VA loan has specific eligibility requirements, another important difference is the down payment amount. Most conventional loans require a minimum down payment. In most cases, VA loans do not. VA loans also do not require private mortgage insurance (PMI). The VA requires a one time funding fee that can be financed into the loan. Additionally, VA loans often have more flexible credit requirements than conventional loans.

There are some limitations including, but not limited to:

• Your maximum loan amount may be impacted if anyone other than your spouse is included on the loan application. In this case, your loan would also require an additional approval from the VA.
• Your maximum loan amount may also be impacted if you have previously used your home loan benefit.
• You may also only use a VA loan to purchase a home that will be your primary residence. That home must meet minimum property requirements. Ask your Truist mortgage professional for details on these requirements. 
• If you’re purchasing a condominium, you must ensure it’s a VA-approved development. If not, your lender can request it be approved, though this may delay closing.

Truist does not currently offer VA Construction-to-Permanent loans, so the home must be completed at the time of closing.