Alabama VA Loans

Secure a VA Mortgage in Alabama

If you’re a veteran and you’re ready for an Alabama VA loan, we’re here to help. VA loans are guaranteed by the United States government and provide an affordable mortgage financing option to borrowers who have served in the United States military without a dishonorable discharge.

Jump to: Eligibility | Loan Limits

What is the VA Loan?

Lenders are more willing to offer low interest rates and better loan terms when the loans they’re providing are backed by a government entity. In the case of VA home loans, the Department of Veteran Affairs (VA) backs and guarantees the mortgage, and lenders offer low VA interest rates. This allows more veterans and their families to purchase homes, without the high interest rates and unfavorable terms that often accompany new home purchases. 

VA Loan Benefits in Alabama

VA loans in Alabama come with low rates and little stress, thanks to the no down payment feature. It is often difficult to secure the funds to pay for the down payment on your home, especially if you’ve served in the military and haven’t had time to focus on building a career and saving money. An Alabama VA mortgage eliminates this problem with 100% financing. 

VA loans provide other benefits as well:

• No mortgage insurance (MI) requirement, which can save you hundreds of dollars per month.
• Fairer credit and income requirements, and greater allowances for poor credit scores.
• No early repayment penalties.
• Many different loan term lengths and repayment varieties.
• Minimal closing costs. 

These benefits are also extended to surviving spouses. 

VA Loan Requirements and Eligibility

In order to qualify for a VA loan, you and your property must meet minimum requirements:

• You must be a veteran of the United States military and have served with a good record. 
• No dishonorable discharges are permitted. 
• You must have served for a continuous 90 day period or longer. 
• Have a credit score of at least 620. 
• The desired property must be your owner-occupied, primary residence. 

If these first qualifications are met, you can meet with a VA loan specialist to discuss any additional qualification requirements. You’ll need to obtain a certificate of eligibility (COE) from the VA office. Visit benefits.va.gov for more information.

VA Refinance

You can take out an Alabama VA home loan for more than just a home purchase. You can also refinance your existing mortgage with an Alabama VA Streamline, or IRRRL, refinance. A VA IRRRL refinance may allow you to secure a lower interest rate than what you’re currently carrying on your mortgage, saving you significant income over the life of your loan. It’s a streamlined program, which means it’s fast and easy to complete.

Also available is the VA Cash-Out refinance, which enables borrowers to take equity out of their home in the form of cash and apply the funds however they choose. 

Alabama VA Mortgage Rates

Just like any other mortgage program, you must do a thorough search to find the best mortgage rates in your area. Our fast, unique matching process will connect you with up to four qualified lenders in your area who offer the best rates and terms for your VA mortgage.

VA Lenders in Alabama 

We maintain the best network of Alabama VA lenders available, with up to date rates and other information. Contact a local lender in your area for detailed information about the VA loan application process and to find out if you qualify. Also, contact a local lender to find out what the VA loan limits are in your area.

Alabama Military Information

Alabama has a strong military presence. Major installations in Alabama include Fort McClellan, Anniston Army Depot, Redstone Arsenal, Fort Rucker, and Maxwell Gunter Air Force Base (AFB).  Maxwell-GunterAir Force Base is located in south central Alabama.  Anniston ArmyDepot is northeast of Birmingham, Alabama.  Fort Rucker is near Montgomery. Redstone Arsenal is in the city of Huntsville.

VA Loan Lending Limits in Alabama

Lenders in: Alabama.