VA Home Loans

Key Benefits of a VA Loan

No Down Payment Required: Eligible borrowers may be able to finance the full purchase price when the home's sales price does not exceed its appraised value.

No Monthly Mortgage Insurance: VA loans generally do not require private mortgage insurance or FHA-style monthly mortgage insurance.

Competitive Loan Terms: Because a portion of the loan is guaranteed by the VA, eligible borrowers may receive competitive interest rates and financing terms.

Flexible Qualification Guidelines: VA underwriting considers the borrower's complete financial profile, including income, credit history, monthly obligations, residual income, and housing expenses.

Limited Borrower Closing Costs: VA guidelines limit certain costs that may be charged to the veteran. Seller-paid closing costs and concessions may also be available.

Reusable Lifetime Benefit: Eligible veterans may use their VA home loan benefit more than once.

VA LOAN OPTIONS

VA Purchase Loan: Purchase an eligible primary residence with no down payment and no monthly mortgage insurance for qualified borrowers.

VA Cash-Out Refinance: Refinance an existing mortgage into a VA loan and potentially access available home equity, subject to qualification, appraisal, loan-to-value, and net tangible benefit requirements.

VA Streamline Refinance — IRRRL: The VA IRRRL, frequently called a VA streamline refinance, may help eligible homeowners refinance an existing VA loan to reduce the interest rate, lower the principal-and-interest payment, or move from an adjustable rate to a more stable fixed-rate loan.

VA Construction Loan: Eligible borrowers may be able to finance the construction of a primary residence using VA-backed financing.

Who May Qualify for a VA Loan?

A Certificate of Eligibility helps establish access to the VA home loan benefit, but it does not constitute mortgage approval.

• Veterans who meet applicable service requirements
• Active-duty service members
• Certain National Guard and Reserve members
• Some qualifying surviving spouses

What Can You Purchase With a VA Loan?

VA financing may be used for several types of primary residences:

• Single-family homes
• VA-approved condominiums
• Manufactured homes that meet applicable requirements
• Properties containing up to four residential units
• Homes that include eligible renovations or energy-efficiency improvements
• New construction, when an available VA construction program is used

Understanding the VA Funding Fee

The Fee Varies: The amount may depend on the loan type, down payment, and whether the borrower has previously used the VA benefit.

Some Borrowers Are Exempt: Certain veterans receiving qualifying disability compensation and some eligible surviving spouses may not be required to pay the funding fee.

It May Be Financed: The funding fee can often be included in the loan amount.

VA Streamline Refinance — IRRRL

Already have a VA loan? A VA Interest Rate Reduction Refinance Loan may provide a simplified way to refinance your existing VA mortgage.

An IRRRL must refinance an existing VA-guaranteed loan and satisfy applicable seasoning, recoupment, and net tangible benefit requirements.

• Reduce the interest rate on an existing VA loan
• Lower the monthly principal-and-interest payment
• Refinance from an adjustable-rate mortgage into a fixed-rate mortgage
• Finance eligible closing costs into the new loan

Your VA Loan Process

Step 1 - Review Your Eligibility: We obtain or verify your Certificate of Eligibility and discuss how much entitlement may be available.

Step 2 - Build Your Financing Plan: We review your income, credit, assets, monthly obligations, residual income, and estimated housing payment.

Step 3 - Compare VA Loan Options: You receive a personalized breakdown of the estimated payment, cash needed, funding fee, closing costs, and available loan structure.

Step 4 - Complete the Approval and Closing Process: Once you have a property, we coordinate the appraisal, underwriting, loan approval, closing disclosures, and final closing.

VA eligibility does not guarantee loan approval. Loan terms, property requirements, funding fees, lender guidelines, and closing costs vary. Not all borrowers will qualify for zero-down financing.