VA Loans

Honoring those who served with exceptional home financing

VA loans are mortgage loans guaranteed by the U.S. Department of Veterans Affairs, exclusively available to eligible veterans, active-duty service members, and their spouses. These loans offer unmatched benefits including no down payment requirements, no private mortgage insurance, and competitive interest rates.

Down Payment

0%

Min Credit Score

None*

PMI Required

No

Funding Fee

1.25-3.3%

Benefits

  • 100% financing - no down payment required
  • No private mortgage insurance (PMI) required
  • Competitive interest rates
  • No prepayment penalties
  • Assumable loans with VA approval
  • Limited closing costs (seller can pay all closing costs)
  • Flexible credit requirements
  • Can be used multiple times throughout your life
  • Foreclosure avoidance assistance
  • Can finance up to 100% of appraised value on refinances

Requirements

  • Certificate of Eligibility (COE) from the VA
  • Minimum service requirements met
  • Sufficient income to cover mortgage payments
  • Acceptable credit history (no minimum score set by VA)
  • Property must be primary residence
  • VA funding fee (can be financed into loan)
  • Property must meet VA Minimum Property Requirements
  • Debt-to-income ratio typically below 41%

Frequently Asked Questions

Who is eligible for a VA loan?

Veterans who served 90 consecutive days during wartime or 181 days during peacetime, National Guard and Reserve members with 6 years of service, and surviving spouses of veterans who died in service or from service-connected disabilities.

What is the VA funding fee?

The VA funding fee is a one-time payment that helps fund the VA loan program. It ranges from 1.25% to 3.3% depending on down payment, service category, and whether it's your first VA loan. Veterans with service-connected disabilities are exempt.

Can I use a VA loan more than once?

Yes, your VA loan entitlement can be restored after paying off a previous VA loan. You may even have remaining entitlement to use for a second VA loan while still having an active VA loan.

Are there VA loan limits?

As of 2020, there are no loan limits for veterans with full entitlement. However, limits may apply if you have active VA loans or default history. The VA will guarantee 25% of loans over conforming loan limits.

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