How to Get a VA Loan in Utah

July 9, 2021
Integrity First Lending

Are you wondering if you qualify for a Veterans Administration loan in Utah? These loans come with very favorable terms, but only certain military personnel are allowed to apply for them. Integrity First Lending facilitates VA loans for homebuyers in Salt Lake City and throughout Utah.


What Is a VA Loan?

President Franklin D. Roosevelt created VA loans in 1944 as one of the many benefits of the GI Bill. As such, VA loans are backed by the government in the same way that FHA loans and USDA loans are.

VA loans are prized mostly for their $0 down option. VA loans allow homebuyers to finance 100% of their home with no money down. It is possible to get a $0 down deal with other mortgage programs, but their terms and conditions are usually more restrictive. Often when homebuyers put down less than 20% on a home, they must pay private mortgage insurance (usually $100-$200 per month) until they reach 20% equity.

While a VA loan does not require you to pay PMI, there is a funding fee that runs about 2%-3% of the purchase price of the home. However, it is usually less than PMI, and most mortgage lenders will allow you to roll the fee into the loan, so you don’t need to come up with the cash.

Who Can Apply for a VA Loan?

Generally speaking, service members, veterans and surviving spouses of veterans can apply for VA loans. You are considered a veteran if you have served 181 days during peacetime or 90 consecutive days during wartime.

If you have been dishonorably discharged, you can’t apply for a VA loan. You don’t need to be honorably discharged however; other types of discharges are acceptable.

Those in the Reserves or National Guard can apply only if they have served for at least six consecutive years.

If you’re the surviving spouse of a veteran who has died in the line of duty or from injuries they suffered while serving, you may apply for a VA loan.

Who Qualifies for a VA Loan?

Once you determine you are eligible to apply, your mortgage lender will look at other qualifying factors before approving you for a VA loan.

The government does not require VA loan applicants to have a minimum credit score, but most mortgage lenders do. If you have filed for bankruptcy, the wait to apply for a VA loan is shorter than it is for some other loans.

You can get a VA loan if you don’t have a job, but you must show that you have a source of income, such as Social Security, disability, alimony, etc. You can’t get a VA loan if you owe back child support.

What Can You Use a VA Loan For?

You can use your VA loan to buy a home, a mobile home or land if you are building your home on it right away. You can even use your VA loan to fix up the home you already own.

Want to see if you qualify for a VA loan? Stop into Integrity First Lending or apply online today.

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