VA Loans Georgia
Take advantage of your VA home loan benefit in the state of Georgia by partnering with District Lending! VA loans allow you to enjoy no down payment requirement, low interest rates, and a smooth, hassle-free process.
Georgia VA loans work as a partnership between the Department of Veterans Affairs and private lenders. These government-backed loans mean that if the borrower defaults, the VA will step in and partially reimburse the lender. As such, private lenders like District Lending are more willing to work with veterans who have a lower credit score or don’t have the money for a large down payment. When you work with a loan officer from our team, we will walk you through all the elements of VA mortgage programs and ensure you get everything you’re entitled to, as thanks for your service.
Georgia VA Home Loans
Georgia is a state proud of military service members. There are 13 bases here and over 607,000 veterans — the 7th highest veteran population in the United States, despite being only the 8th population-wise. The Department of Veterans Affairs helped 22,489 Georgians receive VA loans last year, even more than in California, with the average loan being about $326,000.
We want you to be part of this year’s cohort of satisfied VA loan recipients. Get in touch today to gain access to a portion of the VA’s $7.3 billion in VA loan funding throughout Georgia.
What You Need to Know About Georgia VA Loans
The VA home loan program works slightly differently than conventional loans, as you will need to qualify based on both your military service and your financial history. A current or former member of the armed forces or a surviving spouse must understand both how the loan program works and how to get started.
Funding Fees
While you don’t need a down payment, you will have to pay a VA funding fee and closing costs, as well as a VA appraisal of the property. This is a percentage of the overall loan amount, and it will vary depending on how much you put down and whether this is your first home loan with the VA. However, it is never more than 3.3%.
Loan Eligibility
Active duty service members and veterans must receive a Certificate of Eligibility from Veterans Affairs which proves that they have qualifying service. When you receive VA eligibility, you’ll also receive a VA loan entitlement, which says how much you can borrow. Eligibility is based on the length of service and type of discharge.
Loan Insurance
Unlike a non-VA loan, VA loans do not require private mortgage insurance, as they are insured by the government. However, nearly every lender will require you to get homeowners insurance, even though Georgia itself does not require it. This will be a monthly payment and should be taken out before the home is purchased.
Loan Interest Rates
Part of the reason that a veteran living in Georgia will appreciate a VA loan is because they can get a lower interest rate than with a conventional loan. It’s often half a percentage lower or even more. For example, a conventional loan may have a 7.6% rate, while a VA loan will have a 7.05% rate.
Additionally, the Georgia Department of Veterans Services allows for tax exemptions on property taxes for qualifying disabled veterans. Georgia veterans who are listed as 100% disabled can get a property tax exemption of up to $109,986, which is about one-third of the typical loan amount.
How to Know if You Qualify for a VA Loan in Georgia
A home purchase with a VA loan hinges upon two components — the Certificate of Eligibility (COE) and lender requirements. The COE always remains the same, but financial qualifications will vary based on the lender's own guidelines. This is what you can expect when applying for a VA loan for a primary residence.
Duty Status
Military servicemembers, either active or retired, need to meet certain duty statuses. Active duty service members and veterans must have at least 90 continuous days of active service or 180 days in peacetime. The National Guard requires six years of service. If you became disabled due to your service, you can have less than 90 days in the line of duty.
Surviving spouses must have lost a loved one due to service-related injuries.
VA Entitlement
If this is your first loan, you have full VA loan entitlement, meaning that you can get a home loan of any size.
Those who have an existing home loan with the VA will have remaining entitlement loan limits up to the county loan limit. The current VA loan limit in all Georgia counties is $766,550.
Discharge Status
To participate in the VA loan program as a veteran, you need to have had an honorable discharge, whether that is due to hardship, government convenience, or a medical condition. If you received a dishonorable, less-than-honorable, or bad conduct discharge, you can apply for a discharge upgrade through the VA before receiving a COE.
Decent Credit Score
The VA doesn’t have a set minimum credit score requirement. It depends on the lender, and it’s typically 580. However, some lenders will have different credit score requirements for a VA mortgage, such as 640 or above.
Low Debt-to-Income Ratio
Your debt-to-income ratio is your total loan service for other payments divided by your monthly income, then turned into a percentage. You want to aim for less than a 41% DTI to qualify for VA loans.
Waiting Period
If you sold your home in a short sale, VA lenders typically want you to wait at least two years before opening a new VA home loan. Any VA home loan requires a seasoning period of 210 days before you refinance, whether that is a rate-and-term refinance or a cash-out refinance.
District Lending Is Your Georgia VA Loan Partner
We want every veteran to approach a real estate agent with a smile on their face, confident that they have the funding necessary to buy the Peach State home of their dreams. Our team of mortgage professionals will explain everything to you, such as getting a COE, the Georgia VA loan limit, and exemptions on property taxes.
Whether you served at Robins AFB, Kadena Air Base, or anywhere in the middle, score a fantastic interest rate, no down payment, and flexible terms with District Lending’s VA home loan program.
Contact us today to learn more about our mortgage and refinance options throughout the great state of Georgia!
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