What is a VA Loan?

A VA loan is perhaps the most affordable and flexible lending option on the market today. It is however limited to veterans. VA loans are guaranteed by the Veterans Administration to help veterans gain access to affordable housing. The VA pledges to pay about 25% of every loan it guarantees in the unlikely event the borrower defaults.

The VA’s guarantee gives VA-approved lenders greater protection when lending to military borrowers and has highly competitive rates and terms for qualified veterans.

By far the biggest benefit of a VA loan is that it requires no down payment and has attractive rates to help veterans afford buying a home

You’ve done your part and now work with us, so we an do our part to help you take advantage of your VA benefits and become a homeowner.

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The Benefits of a VA Loan

As mentioned above the most significant benefit of a VA loan is the borrower’s ability to purchase with no money down. There are very few options for 100% home loan financing other than the VA Loan, the government’s UDSA’s Rural Development home loan and Fannie Mae’s Home Path when it comes to zero down home purchase loans.

VA loans are also easier to qualify for as there are very few stringent underwriting standards and requirements when compared to conventional loans. About 80 percent of VA borrowers could not have qualified for a conventional loan. These loans also come with no private mortgage insurance (PMI), a monthly expense that conventional borrowers are required to pay unless they put down at least 20 percent of the loan amount.

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Features of VA Home Loan

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Zero Down Payment

As a veteran or an active military member, you’re entitled to purchase a home with zero down payment.

Limited Closing Costs

You’ll also save as there are limited closing costs when compared to other loan programs

Low Interest Rates

Competitively low-interest rates for veterans compared to other home loan programs.


No need for private mortgage insurance which is typically required if your downpayment is less than the 20%

VA Home Loan - Eligibility

To check and see if you are eligible for a VA home loan visit the va.org eligibility website to learn more at https://www.va.gov/housing-assistance/home-loans/eligibility/.

Frequently Ask Questions

A VA home loan program is a mortgage loan program specifically designed for active-duty military personnel, veterans, and their eligible spouses. It is backed by the Department of Veterans Affairs (VA) and offers various benefits and advantages to help individuals purchase or refinance a home.

To qualify for a VA home loan program, you need to meet certain eligibility criteria. Generally, you must be an active-duty service member, a veteran, or a surviving spouse of a service member. The specific requirements may vary, but they typically include serving a minimum period of service and obtaining a Certificate of Eligibility (COE) from the VA.

VA home loan programs offer several advantages, including:

  • No down payment requirement or a significantly lower down payment compared to conventional loans.
  • No private mortgage insurance (PMI) requirement, which can save you money on monthly mortgage payments.
  • Competitive interest rates and flexible loan terms.
  • Ability to finance certain closing costs.
    Limited closing costs for certain types of loans.
  • Options for refinancing existing VA loans to reduce interest rates or cash out equity.

No, VA home loan programs are intended for primary residences only. You cannot use a VA loan to finance the purchase of a second home, vacation home, or investment property. The property must be your primary residence and meet the VA’s occupancy requirements.

The amount you can borrow with a VA home loan program depends on several factors, including your income, credit history, and the appraised value of the property. The VA sets certain limits on the loan amount, which can vary based on the location of the property. It’s best to consult with a VA-approved lender who can assess your specific situation and provide accurate information.

Yes, VA home loan programs offer refinancing options, such as the Interest Rate Reduction Refinance Loan (IRRRL) and the Cash-Out Refinance Loan. The IRRRL allows you to refinance an existing VA loan to obtain a lower interest rate, while the Cash-Out Refinance Loan allows you to refinance and tap into your home’s equity for other purposes, such as home improvements or debt consolidation.

While VA home loan programs generally have lower closing costs compared to conventional loans, there are still some fees involved. These fees may include a funding fee, appraisal fee, title insurance, and other customary closing costs. However, eligible veterans with certain service-connected disabilities may be exempt from the funding fee.

Having bad credit does not automatically disqualify you from using a VA home loan program. The VA does not have a specific credit score requirement, but most VA-approved lenders may have their own credit standards. It’s best to consult with multiple lenders to explore your options and find a lender who can work with your specific credit situation.

Yes, you can use a VA home loan program more than once, depending on your remaining entitlement and eligibility. If you’ve paid off your previous VA loan or sold the property, you can have your entitlement restored, allowing you to use the program again. However, keep in mind that certain conditions and limitations apply, and it’s essential to consult with a VA-approved lender to understand your specific eligibility.

To apply for a VA home loan program, follow these steps:

  • Obtain your Certificate of Eligibility (COE) from the VA.
  • Gather the necessary financial documents, such as income statements, bank statements, and employment history.
  • Research and choose a VA-approved lender.
  • Submit a loan application with the chosen lender and provide all required documents.
  • The lender will review your application, verify your eligibility, and process the loan.
  • Once approved, you can proceed with the home-buying process, including property selection, appraisal, and closing.

Remember, it’s important to consult with a VA-approved lender or the Department of Veterans Affairs for the most accurate and up-to-date information regarding VA home loan programs.