Modus Mortgage

VA Loans

VA Overview

VA loans are mortgages guaranteed by the Department of Veteran Affairs for ​​qualified veterans, active service members, and spouses. These loans offer military veterans exceptional benefits, including low interest rates and no down payment requirement. This program was designed to help military veterans realize the American dream of homeownership.

The Veterans Administration doesn’t provide the loan itself but provides insurance to lenders in the case that you default on a loan. Because the mortgage is guaranteed, lenders will offer a lower interest rate and terms than a conventional home loan. VA home loans are available in all 50 states. A VA loan may also have reduced closing costs and no prepayment penalties.

To qualify for a VA loan you must:

  • ​​Have served 181 days of active service during peacetime.
  • Have served 90 consecutive days of active service during wartime.
  • Have served more than 6 years of service with the National Guard or Reserves
  • Have served 90 days total and 30 consecutive days under Title 32
  • Are the spouse of a service member who lost their life in the line of duty or as the result of a service-connected disability. You generally cannot have remarried, although there are exceptions.



Eligible Borrowers

Skip to content