A Veterans Administration (VA) loan is a guaranteed loan made by private lenders to eligible veterans to either purchase a home or refinance an existing loan. These loans also offer 100% financing on the purchase of a new home, but keep in mind that, in most cases, certain funding fees and closing costs apply and a portion of these must be paid up-front. Global Unity Mortgage does mortgage loans in Groton, New London, Old Saybrook as well as the whole state of Connecticut. For more information on VA Loans and how to get pre-qualified contact us today at (860)872-9479!

VA Loan Eligibilty

Although it’s ultimately up to the VA to determine eligibility, these are the basic service requirements as set forth by the Department of Veterans Affairs.  If you meet one or more of the following conditions, you may be eligible for a VA Home Loan:

• You have served 90 consecutive days of active service during wartime
• You have served 181 days of active service during peacetime
• You have more than 6 years of service in the National Guard or Reserves
• You are the spouse of a service member who has died in the line of duty or as a result of a service related disability

Also you must not have been discharged under dishonorable conditions.

VA Loan Uses

• Buy a home or residential condominium
• Build, repair, alter or improve a home
• Refinance an existing home loan
• Buy a manufactured home
• Buy and improve a manufactured home lot
• Purchase or improve a home with energy efficient items
• Refinance an existing VA loan to reduce the interest rate
• Refinance a manufactured home loan to acquire a lot
• Get a mortgage with a competitive interest rate

How to Apply for a VA Loan Certificate of Eligibility (COE)

More often than not, the easiest way to apply for a COE is to first get pre-qualified by a knowledgeable VA Broker/Lender. Then, your COE application will become automatic at the time of your purchase or refinance loan application submission. However, if you prefer to do the work yourself, VA Loan applicants can contact the Veterans Administration directly and fill out a Certificate of Eligibility (VA Form 26-1880) by calling 1-800-884-5560.

VA Loan Limits

County Name	Single Family Home ($0 DOWN AND UP TO)	Max Guaranty
FAIRFIELD	$601,450.00	$1,000,000
HARTFORD	$453,100.00	$1,000,000
LITCHFIELD	$453,100.00	$1,000,000
MIDDLESEX	$453,100.00	$1,000,000
NEW HAVEN	$453,100.00	$1,000,000
NEW LONDON	$453,100.00	$1,000,000
TOLLAND	$453,100.00	$1,000,000
WINDHAM	$453,100.00	$1,000,000

 VA Loan Advantages

• No Down-Payment: With the VA Loan, qualified borrowers can finance 100 percent of the home’s value without putting down a dime.
• No Private Mortgage Insurance (PMI): Normally  conventional lenders require borrowers to pay private monthly mortgage insurance unless they’re able to put down at least 20 percent down, but because the federal government backs all VA Loans and assumes the risk on behalf of the borrower that is typically covered by the PMI, there is no PMI on a VA Loan.
• Competitive Interest Rates: Because the VA backs each VA Loan with a guaranty. That means that  financial institutions then carry less risk. Since the loan is less risky they are able to offer interest rates that are typically 0.5 to 1 percent lower than conventional interest rates.

Getting Pre-Qualified for a VA Loan

This is where a loan officer will assess a homebuyers financial situation through a short pre-qualification process to determine what they may qualify for and this is where Global Unity Mortgage comes in.

Work with a Local VA Loan Professional

Global Unity Mortgage specizlaies in VA Loans in Vernon, Machester, New Haven, Bridgeport as well as the whole state of Connecticut. You can contact us 24-hours-a-day, seven days a week to get all the help you need in choosing a loan program that’s right for you. We can also help you fill out an application or understand the whole mortgage process. Global Unity Mortgage puts our clients first by responding quickly to inquiries and going the extra mile to find the best lending program available for your specific needs. Call us today at (860)872-9479 or email us at globalu@sbcglobal.net for reliable mortgage assistance and fast pre-qualifications!

At Global Unity Mortgage…your business means the world to us!!!