What is a VA Home Loan?
Thank you for your dedicated service to our country! Veterans, active duty service members and their spouses have earned this home purchasing or refinancing benefit.
You’ve served our country; now let us serve you.
After World War II, the Veterans Administration was authorized by Congress to guarantee low down payment home loans for veterans to help them adjust to civilian life after military service. Since the 1940s, VA Loans have helped millions of veterans and active duty service members buy houses or refinance their mortgages. Want to learn more about this loan? Keep reading to learn more or get the digital mortgage process started with a free rate quote to compare your options.
Benefits of VA home loans:
You’ll never pay monthly private mortgage insurance – just a small perk for serving our country.
Potential for no down payment.
Have a lower credit score than average? Scores as low as 620 may qualify.
Low down payment guidelines – with the chance of nothing down! That takes a load off, right?
Let’s dig a little deeper – who is eligible for the VA home loan:
We salute our nation’s veterans, active duty service members and the spouses supporting them. The VA loan is just one thing you have definitely earned. Let’s see who may qualify:
- You have been an active service member for at least 6 months.
- You are a veteran.
- You are the surviving spouse of a veteran.
- If you have a service-connected disability, we honor your sacrifices by waiving the VA Funding Fee.
- Still not sure if you qualify? Call a mortgage advisor today at 1-844-77-vLoan to help match you up with your perfect fit.
Requirements and facts for the VA home loans:
- You may be able to finance the VA Funding Fee, reducing upfront costs.
- You could qualify with a credit score as low as 620.
- You can prepay your mortgage without penalties.
- Active service members, you can use your basic housing allowance toward your monthly mortgage costs.
The nitty-gritty about VA home loans:
- If you qualify, buy your home with no money down!
- High balance VA loans are available for up to $1,500,000 – depending on your eligibility/county.
- No monthly private mortgage insurance (PMI).
- Veterans who currently have a VA loan may be eligible for a VA Streamline refinance, reducing funding fees with minimal documentation.
- VA home loans are available in 30-, 25-, 20 and 15-year fixed-rate options. Not planning on staying in your home that long? A 5-year adjustable-rate mortgage is also up for grabs!