A home loan benefit for veterans, service members, and some surviving spouses. See your options today.
A VA loan is a mortgage backed by the U.S. Department of Veterans Affairs (VA). Private lenders make the loan, and the VA guarantees part of it. This lowers the lender’s risk. As a result, lenders can offer flexible rules to those who served.
The VA created this benefit to help veterans buy and keep a home. Today, it still helps many military families.
A VA loan may offer several benefits.
Still, VA loans have costs. Let’s look at those next.
Most VA loans have a one-time VA funding fee. You can often add it to the loan. The amount depends on your service, your down payment, and whether you have used the benefit before. Some borrowers do not pay it, such as those with certain service-connected disabilities.
In addition, you will have closing costs, like on other loans. So, ask us for the full cost of any loan before you decide.
You may be eligible if you are:
Rules vary by when and how long you served. To start, you will need a Certificate of Eligibility, or COE. We can help you get one.
Your finances matter too. Lenders review your credit, income, and monthly debts. Also, the home must be your main residence. VA loans are not for investment properties.
Purchase loans. These help you buy a home. Options include fixed and adjustable rates.
Cash-out refinance. You replace your loan and take cash from your home equity.
Interest rate reduction refinance. This is a simpler refinance for those with an existing VA loan. It may need less paperwork. Ask us if you qualify.
A VA loan often has lower upfront costs than other loans. However, it is open only to those who qualify through service. For others, an FHA loan or USDA loan may fit. If you have strong credit and savings, a conventional loan may also work.
So, which is best? It depends on your service, savings, and plans. We can compare them for you. To test your budget, try our VA mortgage calculator.
Getting started is simple.
Many VA borrowers do not. However, it depends on the loan and your finances. Even so, you may still have closing costs and the funding fee. We can show you the numbers.
Rules vary. Many borrowers with full VA entitlement have no VA limit. However, lenders set their own limits. Your income and credit also matter. Ask us what may fit.
A COE shows your lender that you qualify for the VA benefit. You can get one from the VA. We can also help you request it.
Yes, in many cases. You may be able to use it again after selling a home or paying off a VA loan. In some cases, you can also have more than one VA loan at once. Ask us about your entitlement.
No. A VA loan is for a home you plan to live in. If you plan to rent it out, see our DSCR loans.
Yes, in many cases. However, refinancing has costs. So, compare the new rate, payment, and fees first. Our refinance calculator can help.
No monthly mortgage insurance is required. However, most VA loans have a funding fee. The amount depends on your loan.
Buying a home is a big decision. That is why we give clear answers and simple options. As a mortgage broker, we can compare more than one path for you. Get your free quote today. Then see if a VA loan fits your plans.
There are many benefits, as taken directly from the Veterans Affairs site: no down payment required (unless required by the lender or the purchase price is more than the reasonable value of the property); buyer informed of reasonable value; negotiable interest rate… and more.
