Eligibility
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You may be eligible for a VA Loan if

1/4

You served as little as 90 days on active duty.

2/4

Meet VA-defined Reserve/National Guard specifications WITH 6-year service OR 90 days of active service.

3/4

You are a spouse of a service member that died in the line of duty, or has a qualifying service-related disability.

4/4

Match suitable credit, income, employment requirements and have a Certificate of Eligibility

Advantages of VA Loans

Lower Rates Low interest rates on VA home loans make a mortgage from BBMC more affordable to you.
Lower Fees VA loans are loaded with cost-cutting benefits to lower your payment at closing.
No Down Payment Insured by a federal guarantee, a VA loan never requires down payment on the principle balance.
Relaxed Qualifications Income and credit requirements are less strict to help veterans find a home they want and can afford.

Of the 20+ million active duty service members and veterans with mortgages, a 2014 report shows less than 12% are utilizing their VA mortgage benefit*.

VA Loans vs. Conventional Loans

VA Loans are mortgages from approved lenders – like BBMC Mortgage – with a federal guaranty. More than 20 million veterans and their families have benefited from VA loans for more than 70 years. BBMC’s mission is to increase that number exponentially, as we believe that too few qualified veterans and active-duty service members use their VA home loan benefits. It is our civic duty to find a home loan veterans can afford, and to help them achieve their goals of home ownership.

What are the differences for a loan?
VA Loan Conventional
Who Qualifies

U.S. Military Veterans or Active-Duty service members, with qualifying service records, and qualified spouses as determined by the Department of Veterans Affairs (VA).

Both VA and non-VA eligible applicants who exceed maximum USDA and FHA lending requirements with moderate-to-high income, moderate-to-high credit and strong employment history.
How To Qualify

Obtain a COE independently or with the assistance of a BBMC Banker

Receive a pre-qualification from a BBMC Banker.
Benefits
  • Low Interest
  • Low Costs
  • No Minimum Down Payment
  • Can be used forever
  • Can be restored
  • Favorable Interest Rates
  • Affordable Costs
  • Avoid P.M.I. with 20% down or more
  • Flexible refinance options available
Available Housing
  • Any property is subject to independent appraisal.
  • Must meet or exceed VA housing requirements.
  • Can exceed county loan limits.
  • Certain properties are subject to appraisal requirements.
  • Cannot exceed loan limits.
VA Loan FHA
Who Qualifies

U.S. Military Veterans or Active-Duty service members, with qualifying service records, and qualified spouses as determined by the Department of Veterans Affairs (VA).

Any applicant who meets the minimum credit, income and employment requirements from the Department of Housing and Urban Development (HUD) and Federal Housing Administration (FHA).
How to Qualify

Apply for a COE on your own, or ask BBMC to help with the process

Contact a BBMC Banker or fill out this form to get your pre-qualification
Benefits
  • Low Interest
  • Low Costs
  • No Minimum Down Payment
  • Can be used forever
  • Can be restored
  • Low Interest
  • Low Costs
  • 3.5% Minimum Down Payment
  • Limited use
  • Cannot be restored
Available Housing
  • Any property is subject to independent appraisal.
  • Must meet or exceed VA housing requirements.
  • Can exceed county loan limits.
  • Property subject to independent appraisal.
  • Must meet FHA/HUD housing requirements.
  • Cannot exceed county loan limits.
VA Loan USDA
Who Qualifies

U.S. Military Veterans or Active-Duty service members, with qualifying service records, and qualified spouses as determined by the Department of Veterans Affairs (VA).

Applicants in rural areas who fall beneath the median income line of their respective county, and/or require a mortgage to renovate their home or live with a qualifying physical or mental limitation.
How to Qualify

Apply for a COE on your own, or ask BBMC to help with the process

Contact a BBMC Banker or fill out this form to get your pre-qualification
Benefits
  • Low Interest
  • Low Costs
  • No Minimum Down Payment
  • Can be used forever
  • Can be restored
  • Low Interest
  • Low Costs
  • No Minimum Down Payment
  • Must maintain property
  • Must demonstrate need
Available Housing
  • Any property is subject to independent appraisal.
  • Must meet or exceed VA housing requirements.
  • Can exceed county loan limits.
  • Property subject to safety guidelines.
  • Must fall at or beneath median income line in prospective county of residence.
  • Typically reserved for rural properties.

Regulations and Fees

While the VA Loan is a federal program, the government generally does not make direct loans to veterans. Instead, private lenders including BBMC Mortgage finance the loan while the Department of Veterans Affairs offers a guaranty. This guaranty provides incentive for private lenders to offer loans with better terms.

Loan Limits
In most parts of the country, veterans who qualify for the VA Loan can purchase a home worth up to $417,000 without putting any money down: borrowers in high-cost counties may be able to purchase homes far exceeding that amount without a down payment. With a required minimum down payment, BBMC will authorize VA loans above county limits in excess of $1.5 million. To find out the VA Loan Limit in your area, give BBMC a call at 1-800-24-RATES.

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*According to a 2014 report on Department of Veterans Affairs loan guarantee data.