VA Loans
A well-deserved benefit for those who have served. Achieve homeownership with zero down payment and competitive rates.
What is a VA Loan?
Backed by the Department of Veterans Affairs, a VA loan offers long-term financing to eligible American veterans or their surviving spouses (provided they do not remarry). Private lenders issue the loans, but the VA guarantees a portion of it, enabling highly favorable terms.
Key Benefits
No Down Payment
In most cases, you can finance 100% of the home's value without putting any money down.
No Private Mortgage Insurance
Unlike conventional or FHA loans, VA loans never require monthly PMI, saving you hundreds.
Competitive Rates
Because the government backs the loan, lenders can offer significantly lower interest rates.
Lenient Credit Reqs
The VA does not set a minimum credit score, though individual lenders usually look for 620+.
Eligibility & Entitlement
To secure a VA loan, you need a Certificate of Eligibility (COE). You generally qualify if you meet one of these conditions:
- Served 90 consecutive days of active service during wartime.
- Served 181 days of active service during peacetime.
- Served 6+ years in the National Guard or Reserves.
- Are the spouse of a service member who died in the line of duty or as a result of a service-related disability.
The VA Funding Fee
While there is no monthly mortgage insurance, VA loans require a one-time funding fee (ranging from 1.25% to 3.3% of the loan amount). This fee helps keep the program running for future generations. The fee can be paid upfront or rolled into your loan balance. Veterans receiving VA compensation for a service-connected disability are exempt from this fee.
Connect with a VA-Approved Lender
Connect with a local expert who knows your market.