VA Loans

Exclusive home loans for veterans and military members with no down payment required.

VA loans are designed to make homeownership more accessible to veterans, active-duty service members, and their families.

Freddie Mac’s BorrowSmart AccessSM mortgage aims to assist borrowers by providing built-in down payment/closing cost assistance.
Apply Now
Apply Now

VA Loan

Features

Program Benefits

These government-backed loans provide financial advantages specifically tailored to those who have served.
01

No Down Payment

VA loans typically allow eligible borrowers to finance 100% of the home’s value, removing the need for a down payment.

02

Government Guarantee

The U.S. Department of Veterans Affairs guarantees a portion of the loan, which lowers the risk for lenders and can lead to more favorable loan terms.

03

Flexible Credit Requirements

VA loans often have more lenient credit score criteria, making it easier for veterans and service members to qualify.

04

No Private Mortgage Insurance (PMI)

VA loans do not require PMI, which is usually needed for loans with a lower down payment.

05

No Private Mortgage Insurance (PMI)

VA loans do not require PMI, which is usually needed for loans with a lower down payment.

06

No Private Mortgage Insurance (PMI)

VA loans do not require PMI, which is usually needed for loans with a lower down payment.

Benefits of a

Benefits of an

VA Loan

Freddie Mac BorrowSmart SM

Benefits of

VA Loan

Freddie Mac BorrowSmart SM

Reduced Financial Barriers

With no down payment and no PMI requirements, VA loans significantly lower the upfront and ongoing costs of buying a home.

Competitive Interest Rates

Due to the government backing, VA loans often offer lower interest rates compared to conventional loans, helping homebuyers save over time.

Streamlined Refinance Options

VA loans include options like the VA Interest Rate Reduction Refinance Loan (IRRRL), which allows existing VA borrowers to easily refinance to a lower rate.

Protection for Veterans

VA loans come with borrower protections, including limitations on closing costs and the ability to request help from the VA if you face financial difficulties.

Get Started Now

At A and N Mortgage we offer specialized service tailored to veterans, active-duty service members, and military families.

Apply Now
Apply Now

Loan Program
Frequently Asked Questions

Who Is Eligible for a VA Loan?

VA loans are available to veterans, active-duty service members, National Guard members, reservists, and some surviving spouses. Eligibility is based on service duration and discharge status. You’ll need a Certificate of Eligibility (COE) from the Department of Veterans Affairs to confirm your eligibility.

What Are the Different Types of VA Loans?

The VA offers several types of loans to support veterans, active-duty service members, and eligible spouses:

  1. VA Purchase Loan: Helps eligible borrowers buy a home with no down payment and no private mortgage insurance (PMI). It's the most common type of VA loan.
  2. VA Cash-Out Refinance Loan: Allows homeowners to refinance their existing mortgage and take cash out based on their home’s equity. It can also be used to convert a non-VA loan into a VA loan.
  3. VA Interest Rate Reduction Refinance Loan (IRRRL): Also known as a VA Streamline Refinance, this loan is used to refinance an existing VA loan into a lower interest rate with minimal paperwork.
  4. VA Native American Direct Loan (NADL): Available to eligible Native American veterans for purchasing, building, or improving homes on federal trust land.

Each type of VA loan serves different purposes, so it’s important to speak with a VA-approved lender, like us, to determine which loan fits your needs.

What Are the Benefits of a VA Loan?

VA loans offer significant benefits, including no down payment requirements (for qualified borrowers), no private mortgage insurance (PMI), competitive interest rates, and more flexible credit standards. Additionally, VA loans often have lower closing costs than conventional loans.

Do VA Loans Require a Down Payment?

For most qualified borrowers, VA loans require no down payment, which is one of the key advantages. However, if the home price exceeds the VA loan limits or the borrower has insufficient entitlement, a down payment might be necessary.

Can I Use a VA Loan More Than Once?

Yes, you can use a VA loan multiple times. VA loans are not a one-time benefit, and as long as you still have remaining entitlement, you can use the VA loan benefit again. You may also be eligible for a second VA loan if you’ve paid off the first loan or sold the home.

What Are VA Loan Limits?

VA loan limits determine the maximum amount a borrower can finance without a down payment in certain circumstances. While many qualified borrowers have no loan limits, those with partial entitlement or in specific cases may be subject to limits, which can vary by region and are based on local housing market conditions. We would be happy to provide more details on how loan limits might apply to your situation.

What Is a VA Funding Fee?

The VA funding fee is a one-time payment required for VA loans, which helps keep the loan program running. The fee varies depending on the down payment and whether it’s your first time using a VA loan. Some veterans, such as those with service-connected disabilities, may be exempt from the funding fee.

Can I Get a VA Loan If I’ve Had Credit Problems?

VA loans are more lenient when it comes to credit requirements compared to conventional loans. While a credit score of 620 or higher is typically preferred, borrowers with lower scores may still qualify based on other factors, such as income and debt. VA loans are known for offering more flexible terms for those with past credit issues.

Can I Refinance My VA Loan?

Yes, VA loans offer two refinancing options: the VA Cash-Out Refinance and the VA Interest Rate Reduction Refinance Loan (IRRRL). The Cash-Out Refinance allows you to access your home equity, while the IRRRL helps lower your interest rate or monthly payments with less paperwork.

Are There Limits on How I Can Use a VA Loan?

VA loans are primarily for purchasing or refinancing a primary residence. You cannot use a VA loan to buy an investment property or vacation home. However, some multi-family properties (up to four units) are eligible if you occupy one of the units as your primary residence.

Apply Now
Apply Now

Get Pre-Approved Fast!

Welcome to a better mortgage experience! In just few minutes you can find out what you qualify for and explore multiple loan options and interest rates. Complete our short and intuitive pre-approval interview to get started.

Apply Now
Apply Now

Let's Crunch Some Numbers

Use our calculators to discover your potential path to homeownership..