VA Loan

woman kisses man while looking through home plans made possible by a VA loan

VA Loan


The specialists at Phoenix Mortgage, have the utmost honor and respect for our veterans. We are so thankful to have the privilege of serving those who have risked their lives and continue to sacrifice their lives for the safety, security, and benefit of those around them and our nation. In turn, we have the joy of helping veterans afford and finance their homes.

Whether you are a retired veteran, honorably discharged veteran, the spouse of a veteran, or currently in active duty, we are proud to connect you with VA loans that allow your dreams of home ownership to become a reality.

VA Loans are mortgage loans backed by the United States Department of Veteran Affairs. They are fashioned to support veterans, reservists, National Guard members, or those currently in active duty as well as their spouses. This means the Veterans Administration will reimburse the lender if the veteran happens to default on his or her loan. This gives security to the lender and therefore, liberates them to more freely give favorable terms and mortgage loans up to $417,000 and sometimes even more, depending on region.

A VA loan can be used to buy or build a single family home, townhouse, condominium, mobile home. VA loans do not require a down payment, nor do they require mortgage insurance, which for other loans, can be a very significant portion of monthly payments. This frees up the borrower of the VA loan to maintain a more affordable mortgage.

These are a few qualifying elements taken into consideration when lenders approve a loan:


  • You must have served 90 consecutive days of active service during wartime OR You must have served 181 days of active service during peacetime OR You must have had 6 years with the National Guard or Reserves OR You are the spouse of a service member who has died in the line of duty or as the result of a service-related disability.
  • A veteran should not have been discharged dishonorably.
  • Credit Score is also a factor. Lenders tend to accept credit scores that run 620 or higher. However, this is subject to change and a lower score does not necessarily exclude someone entirely from the loan.
  • Another important factor is obtaining a VA Certificate of Eligibility (COE) verifying from the Veterans Administration that these other requirements are met and there is full eligibility.

  • There are no objective income limits. It is relative to the loan. However, if you have any specific inquiries about qualifications beyond this point, contact us. We would love to answer your specific loan qualification-related concerns.

    Another important thing to note is the kinds of VA loans offered. Here are a few:

    VA The Traditional Fixed Payment: This loan has an interest rate that is fixed and unchanging for the life of the loan until it is paid back. This allows for great consistency and predictability.

    VA Graduated Payment Mortgage: This is a loan, in which, the interest rate starts off low and gradually increases over time capping or reaching its limit at 6 years.

    Growing Equity Mortgage: This is a home loan where the mortgage payments gradually go up and pay toward the principal, and consequently build equity, pay off the loan quicker, and minimize the amount of interest incurred.

    VA Traditional Adjustable Rate Mortgages (ARM’s): These are loans that have interest rates that are subject to change and could potentially be in flux annually for the life of the loan.

    Phoenix Mortgage Specialists, Inc. is proud to serve all our clients across Georgia and Alabama with premier VA mortgage services specially tailored to their respective preferences and needs. It is our greatest pleasure to be a consistent source of professional guidance and expertise for every prospective homeowner and every individual preparing to walk through this milestone in his or her life. For inquiries beyond what is covered on this page, feel free to contact us. We would love to be of service to you in any way possible, and we would be glad to help answer any of your VA loan-related questions or concerns. Thank you for choosing Phoenix Mortgage.

    TESTIMONIALS

    "When all other lenders told me that I could not buy a home, Phoenix Mortgage Specialists, Inc. told me I could. Thank you Phoenix Mortgage Specialists, Inc. for making my dreams of homeownership a reality."Tavaris R.
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