Key Benefits of VA Loans
VA loans are backed by the U.S. Department of Veterans Affairs, offering significant advantages to those who have served our country.
No Down Payment Required
Unlike conventional loans that typically require at least 3-5% down, eligible borrowers can finance 100% of the home purchase.
No Private Mortgage Insurance
Save hundreds of dollars each month compared to conventional loans that require PMI for down payments less than 20%.
Competitive Interest Rates
VA loans often offer lower interest rates compared to conventional loans, resulting in significant savings over the life of your loan.
Limited Closing Costs
The VA limits the closing costs that can be charged to the veteran, and sellers can pay all of the buyer's closing costs and concessions up to 4% of the home value.
VA Loan Eligibility
The following service members and veterans may qualify for a VA loan:
Active Duty Service Members
You may be eligible after serving at least 90 continuous days of active service during wartime or 181 days during peacetime.
Veterans
Veterans who have served the minimum required time and received anything other than a dishonorable discharge are typically eligible.
National Guard and Reserve Members
You may qualify after 6 years of service in the National Guard or Reserves, or after 90 days of active service during a war period.
Surviving Spouses
Unmarried spouses of service members who died in the line of duty or as a result of a service-connected disability may be eligible.
A Certificate of Eligibility (COE) from the VA is required to confirm your eligibility. We can help you obtain this document as part of the loan application process.
The VA Loan Process
Pre-Qualification
We'll review your financial situation to estimate how much you might be able to borrow and help you obtain your Certificate of Eligibility.
House Hunting
Work with your real estate agent to find a home that meets VA property requirements and falls within your pre-approved loan amount.
VA Appraisal
Once you've found a home, we'll arrange for a VA appraisal to ensure the property meets minimum property requirements and determine its value.
Loan Processing
We'll finalize your application, verify your financial information, and prepare your loan for underwriting.
Underwriting
Our underwriters will review your application and all supporting documentation to make a final loan decision.
Closing
Once approved, you'll sign your final loan documents and receive the keys to your new home!
Frequently Asked Questions
Can I use a VA loan more than once?
Yes, you can use your VA loan benefit multiple times as long as you pay off the previous VA loan each time or in some cases, you may have remaining entitlement to use even with an existing VA loan.
Do VA loans have income or credit score requirements?
While the VA doesn't set a minimum credit score, most lenders typically look for a score of at least 620. You must also demonstrate sufficient income to cover your mortgage payments and other obligations.
What is the VA funding fee?
The VA funding fee is a one-time payment that helps offset the cost of the VA loan program. The fee varies based on your down payment, service category, and whether it's your first VA loan. Some veterans may be exempt from this fee.
Can I refinance a VA loan?
Yes, the VA offers the Interest Rate Reduction Refinance Loan (IRRRL), also known as a "VA streamline refinance," which allows you to refinance an existing VA loan with minimal paperwork and potentially no appraisal.