What is a
VA Loan?
A VA (Department of Veterans Affairs) loan is a mortgage loan program specifically designed to help eligible veterans, active-duty service members, and their families achieve homeownership. These veteran home loans are guaranteed by the VA, which means they are offered by private lenders but backed by the government, making them highly favorable for qualified borrowers.
Product Features
Flexible Credit Requirements
It allows borrowers with low credit scores to be eligible for a VA loan.
No Down Payment
Eligible borrowers can purchase a home with no down payment.
No Private Mortgage Insurance
Eligible borrowers can purchase a home with no down payment.
FAQs
To qualify for a VA loan, you generally need to have a military background, an honorable discharge, and a Certificate of Eligibility, along with meeting specific financial criteria.
To apply for a VA loan, you will need to contact a lender that is approved to offer veteran housing loans. The lender will review your financial information and credit history to determine if you qualify for a VA loan. If you are approved, the lender will work with you to close the loan.
Talk to our local mortgage specialists here.
Some fees associated with VA loans include funding, appraisal, and origination fees.
The maximum amount you can borrow with a VA loan depends on a number of factors, including your income, debt-to-income ratio, and the type of property you are buying.
Yes, the Interest Rate Reduction Refinance Loan (IRRRL) program or VA Streamline Refinance helps veterans lower their interest rates on existing VA loans.