VA Mortgages in Nashville | Qualifying & Entitlement
United Home Loans is proud to work with veterans through our service as a VA Loan lender. Specifically for our Tennessee-based vets, we want you to know what to expect when you apply for a VA mortgage and choose UHL as your lender. By understanding qualifying details and your entitlement, you can make the most out of your VA benefits.
Qualifying for VA Mortgages
VA Loans are guaranteed by the Department of Veterans Affairs and are processed and underwritten by private lenders like UHL.
Individuals who qualify for VA mortgages are those who served:
- 90 consecutive days of active service during wartime
- 181 days of active service during peacetime
- 6+ years of service in the National Guard or Reserves
- Or, are the spouse of a service member who died in the line of duty or as a result of a service-related injury.
What is VA Entitlement?
Full VA Loan Entitlement
As a veteran with full VA loan entitlement, you are not restricted by loan limits. This means that you can borrow as much as your lender is willing to lend without needing a down payment on your VA mortgage.
Vets with their full loan entitlement are typically those who have never used their home loan benefit or have paid a previous VA mortgage in full on a property that they have now sold.
Remaining VA Loan Entitlement
If you are a veteran with remaining loan entitlement, you likely have an active VA Loan or a previous VA Loan on a home that you still own.
However, even with remaining entitlement, you can still enjoy the benefits of a VA Loan; your loan is just subject to county loan limits. The 2022 loan limits for Davidson county are:
- 1 Unit – $694,600
- 2 Unit – $889,200
- 3 Unit – $1,074,850
- 4 Unit – $1,335,800
Veterans with remaining entitlement may have to put a down payment on their home if their entitlement does not cover 25% of the loan amount.
VA Loan Benefits from UHL
As a government-backed loan, you have the freedom to choose your VA Loan lender. So why choose UHL? What sets UHL apart from other lenders is our promise to never charge veterans an origination fee on their VA Loans.
Typically, lenders will charge up to 1% of the total loan amount in the form of an origination fee. Some lenders even charge a higher origination fee on VA Loans because they are a specialty loan. At UHL, the origination fee for our veterans is always $0.
We also believe that specialized loans should come with a specialized team of experts. That’s why we are intentional about employing VA experts to give you a personalized service that other lenders can’t.
Lastly, individual lenders determine credit requirements for VA Loans. At UHL, you may qualify for 100% VA Loan financing with a credit score of 620 or more.
Contact Our Team
To discuss our selection of fixed-rate, ARM, and Jumbo VA mortgage options, reach out to our team of experts. We look forward to saying thank you for your service by providing you with excellent VA Loan service.