VA Loans

What are VA Loans?

A VA loan is a type of mortgage backed by the US Department of Veterans Affairs. VA loans are designed to help active-duty military and veterans achieve the American dream of homeownership. Started in 1944, it helps them buy homes with favorable terms. These loans have lower interest rates than regular ones. They’re only available to service members and some military spouses. Private lenders like banks issue VA loans but are guaranteed by the VA against default. The guarantee covers up to a quarter of the loan amount. In 2024, the maximum loan amount is $766,550. VA loans can also be used to refinance existing mortgages. They’re popular among first-time homebuyers in the military due to their great benefits.

VA Loan Benefits

What are the VA Loan Requirements?

The United States Department of Veteran Affairs lists many eligibility requirements for a VA home loan. The borrower must possess a Certificate of Eligibility (COE), decent credit, and a steady income.

The COE can be received if an active-duty soldier has been honorably discharged and has completed at least two service requirements. These requirements include qualifying wartime and peacetime periods, active duty dates, and minimum service.

VA Loan Eligibility:

Additional Requirements for VA Loans:

Types of VA Loans

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Yes, it is required. It is a fee paid directly to the Department of Veterans Affairs so that they can guarantee your loan and provide you with the opportunity to receive a loan with little to no money out of pocket.

It depends on several factors including: Whether you are Active Duty, Retired, Guard or Reserve and whether you this is a first time use, subsequent use, or a cash-out refinance as well as how much of a down payment you are putting down. The fee can range from as little as 1.25% up to 3.3% of the loan. Generally, the more money you put down the lower the VA funding fee. Please contact us and we will help you to determine how what the exact cost of the VA Funding Fee would be for your particular situation.

No, you can include the VA Funding Fee in your loan and pay the funding fee over the course of your loan.

Yes, however with a VA loan if you are purchasing a new home the seller can pay for all or part of your closing costs.

A VA Streamline Refinance is a refinance option that is available if you already have a VA mortgage and you want to lower your interest rate with little or no out-of-pocket closing costs. You don’t have to provide bank statements, W2s, job verification or paychecks.

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