How Process Works
About VA Loans
VA loans are insured by the Veterans Administration, allow service members, military veterans, and their families to remodel, build, or buy their own homes with no money down.
VA offers extraordinary purchase benefits such as adjustable and low fixed rates; 100% financing according to VA lending limit in your zone; no need for private mortgage insurance; no down payment; jumbo loan of up to $1.5 million; no private mortgage; and the right to pay the loan earlier without any penalty.
Moreover, the VA guaranty is linked to the VA entitlement, which works similarly to mortgage insurance, protecting the lender against losses like mortgage insurance charged on FHA and conventional loans.
More about VA Loans
VA Loan Benefits
With an FHA loan, current FHA mortgage holders can get refinanced without showing any income proof or ordering an appraisal. If you’re an existing VA mortgage holder, you must refinance back into a VA loan to enjoy a decreased mortgage interest rate.
Sponsored by the US Department of Veterans Affairs
The VA home loan program aims to assist returning service members in purchasing their dream homes without the need for a high credit score or a down payment.
No mortgage insurance
Private mortgage insurance (PMI) isn't required with VA loans, but you will have to pay a VA financing fee when you close, which is a percentage of the loan's entire value. This charge contributes to the program's continued existence for future borrowers.
No down payment
VA loans are available with no down payment for qualified borrowers whose home's sale price is less than the appraised value.
Flexibility in funding fee
The funding fee is not for all veterans. This fee is waived for veterans receiving disability compensation and spouses of soldiers who died in service.
FAQ's
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How many VA loans am I eligible for?
Veterans can have two VA loans at the same time. They must, however, meet specific criteria and calculations in order to be eligible.
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Who can be a co-signer on a VA loan?
The co-signer must be a creditworthy borrower. He can be a lawfully married spouse or a current or previous member of the military.
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Can I use my VA Loan to buy a rental property?
No, the intended use for a VA Loan should be to buy a personal home where you can live.
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What is the VA funding fee, and who is exempt?
The VA funding fee is a one-time payment made by veterans and military personnel. Because the VA loan does not require monthly mortgage insurance or a down payment, the funding fee could help U.S. taxpayers save money on their loans. This cost, however, is not for everyone. The VA financing fee is waived for spouses of deceased soldiers and veterans with disabilities.
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