With no down payment and no PMI requirements, VA loans significantly lower the upfront and ongoing costs of buying a home.
Due to the government backing, VA loans often offer lower interest rates compared to conventional loans, helping homebuyers save over time.
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.
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.
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.
The VA offers several types of loans to support veterans, active-duty service members, and eligible spouses:
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.
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.
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.
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.
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.
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.
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.
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.
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.
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