Exclusive VA Loan Benefits
VA loans offer several advantages that make homeownership more accessible for those who have served our country.
No Down Payment Required
VA loans allow eligible borrowers to purchase a home with 0% down payment, making homeownership possible without years of saving for a down payment.
No Private Mortgage Insurance
Unlike other low or no down payment options, VA loans don't require private mortgage insurance (PMI), saving you hundreds of dollars each month.
Competitive Interest Rates
VA loans typically offer lower interest rates compared to conventional loans, helping you save money over the life of your loan.
Limited Closing Costs
The VA limits the closing costs that veterans can pay, and sellers can contribute up to 4% of the purchase price toward closing costs and concessions.
No Prepayment Penalty
VA loans don't have prepayment penalties, giving you the freedom to make extra payments or pay off your loan early without additional fees.
Flexible Credit Requirements
VA loans typically have more flexible credit requirements than conventional loans, making it easier for veterans with less-than-perfect credit to qualify.
VA Loan Options
Explore the different types of VA loans available to meet your specific needs.
VA Loan Eligibility
VA loans are available to service members, veterans, and eligible surviving spouses who meet certain service requirements.
You may be eligible if you meet one of these service requirements:
- Veterans: 90 consecutive days of active service during wartime, or 181 days of active service during peacetime.
- Current Active Duty: Served at least 90 continuous days.
- National Guard/Reserves: 6 years of service in the Selected Reserves or National Guard.
- Surviving Spouses: Spouses of service members who died in the line of duty or from a service-connected disability.
In addition to meeting service requirements, you'll need to obtain a Certificate of Eligibility (COE) from the VA. Our team can help you with this process.
Frequently Asked Questions
Find answers to common questions about VA loans.
The VA funding fee is a one-time payment that helps offset the cost of the VA loan program to taxpayers. The fee varies based on your down payment, type of service, and whether it's your first VA loan. First-time VA loan users typically pay 2.3% with no down payment. The fee can be rolled into your loan amount. Some veterans, including those receiving VA disability compensation, may be exempt from the funding fee.
Yes, you can use your VA loan benefit multiple times. If you've paid off your previous VA loan and sold the property, you can have your full entitlement restored. Even if you have a current VA loan or have foreclosed on a previous VA loan, you may have remaining entitlement that can be used for another purchase. Our loan officers can help you determine your available entitlement.
As of 2020, there is no maximum loan amount for VA loans if you have your full entitlement available. However, you still need to qualify based on your income, credit, and other factors. If you have reduced entitlement, there may be limits on how much you can borrow without a down payment. Lenders may also have their own internal limits on loan amounts.
The property must be your primary residence (not an investment property or vacation home). It can be a single-family home, a condo in a VA-approved project, a manufactured home that meets certain requirements, or a multi-unit property (up to 4 units) as long as you live in one of the units. The property must also meet the VA's Minimum Property Requirements (MPRs), which ensure the home is safe, sound, and sanitary.