VA Home Loans
You Earned Them... Put. Your VA Benefits to Work Today!
Simple qualifying for veterans
NO Down Payment Requirements
Flexible Underwriting Guidelines
Higher Debt to Income Ratios
Lower Credit Scores Allowed

Benefits of a VA Home Loan

What is a VA Mortgage Loan

VA Home Loans are for active duty service members, active reservists, honorably discharged service members, as well as retired and disabled service members.

VA stands for “Veterans Administration”, which oversees all Veteran benefits including home loans. Established in 1944 and part of the GI Bill of rights, VA set out to help men and women who served their county catch up to their civilian counterparts by establishing credit and building financial wealth.

It’s important to understand that VA doesn’t lend money, VA instead provides lenders a guarantee that covers the lender from loss in the event of a foreclosure. In simple terms VA insures a portion of the loan that a buyer would have normally had to put down to qualify allowing for a zero down payment.

VA loans require an upfront mortgage insurance fee, which can be financed into the loan, from each borrower.  This fee supports the guarantee fund and makes 100% VA Home Loans possible. Veterans with a minimum of 10% disability are exempt from the funding fee.

VA Purchase Loan

  • Great Rates / Low Fees
  • No Down Payment / No Loan Limits
  • No Monthly Mortgage Insurance Required
  • Simple Qualifying / Flexible Underwriting
  • Seller Paid Closing Costs to 4%
  • Higher Debt to Income Ratios Allowed
  • Alternate Credit Allowed
  • Manufactured Housing OK (Subject to Restrictions)

VA Refinance Loan

  • Streamline Option – VA IRRRL Rate and Term
    • No Appraisal / No Income Verification Required
  • Full Documentation
    • Rate and Term / Cashout options
    • Closing costs can be Rolled In

VA Loan Requirements

  • Active Duty – 90 Days Wartime / 180 Days Peacetime
  • Honorable Discharged – 22 Months of Completed Service
  • National Guard / Reserves – 6 Years Completed
  • Spouse of a Service Member Who Died in the Line of Duty or as a result of a Service related Disability

VA Funding Fees

  • First Use
    • 0% to 5% Down Funding Fee = 2.3%
    • 5% or Higher Funding Fee = 1.65%
  • Subsequent Uses = Funding Fee = 3.3%
    • Rate and Term / Cashout options
    • Closing costs can be Rolled In
  • VA Cashout Refinances or VA Refinance Conversions
    • First Use = 2.3% / Subsequent = 3.6%
    • VA IRRL Refinance 0.5%

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