Moving Family Forward

Today, on Veterans Day, we salute those who have served our country in war or peace, and we thank them for their sacrifice.


This year marks the 76th anniversary of VA Home Loan Benefit offerings through the Servicemen’s Readjustment Act, also known as the GI Bill. Since 1944, this law has created opportunities for those who have served our country, ranging from vocational training to home loans.


A VA Home Loan is a $0 down mortgage option available to Veterans, Service Members and select military spouses. VA loans are issued by private lenders, such as Weber Mortgage, and guaranteed by the U.S. Department of Veterans Affairs (VA).


This type of loan was created to help returning service members purchase homes without needing a down payment or excellent credit. This historic benefit program has guaranteed more than 24 million VA loans, helping veterans, active-duty military members, and their families purchase or refinance a home.


Wondering if you or a loved one qualify? To qualify for a VA loan you will need the following items:


  1. A Certificate of Eligibility.
  2. A minimum FICO® Score of 620.
  3. A debt-to-income ratio (DTI) of no more than 60%.
  4. You or a spouse must move into the home within 60 days. There are exceptions to this, including deployment.
  5. It must be your primary residence, not a vacation or rental home.


So, how do you benefit from this type of loan?


  1. The greatest benefit of a VA Loan is that borrowers can buy a home with a 0% down payment. 
  2. Private Mortgage Insurance (PMI) is not required. (Most other loans with down payments under 20% require PMI, which adds additional costs to your monthly housing expense.
  3. Credit Score requirements are also lower for VA Home Loans. The average FICO® score of a borrower for an approved VA Loan is 620, compared to 676 (FHA) or 753 (Conventional).
  4. There is also a limitation on a veteran buyer’s closing costs. Sellers can pay all of a buyer’s loan-related closing costs and up to 4% in concessions in some cases.
  5. VA Loans continue to have the lowest average interest rates of all loan types.
  6. You are eligible for the most competitive rates in the market.
  7. Your surviving spouse is still able to benefit from the VA loan program. 


The perks of homeownership are many, and a VA loan helps make that dream a reality for many veterans, active-duty military personnel, and family members who qualify. At Weber Mortgage, our family-owned company helps all types of homeowners, including veterans, buy the home of their dreams at a price they can afford. To learn more, contact us online or give us a call at 205-823-6701 to take the first step toward owning your dream home. We serve customers in Birmingham, Huntsville, Mobile, and other cities throughout Alabama.

The best thing you can do today to celebrate Veterans Day is to share this information with those who can benefit from these opportunities.