VA Loans — No down payment required in most cases & no private mortgage insurance!
What is a VA Loan?
VA guaranteed loans are made by lenders and guaranteed by the U.S. Department of Veterans Affairs (VA) to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if you fail to repay the loan. In most cases, no down payment is required and the borrower typically receives a lower interest rate than is available with other loan types.
Veterans can apply for a VA loan with any mortgage lender that participates in the VA home loan program. A Certificate of Eligibility from the VA must be presented to the lender to qualify.
Benefits of a VA Loan
No Down Payment
In most cases no down payment is required — one of the most powerful benefits available to veterans.
No PMI Required
VA loans do not require private mortgage insurance, saving you money every month.
Competitive Rates
VA loans typically offer lower interest rates than conventional and other loan types.
Assumable Loan
The mortgage can be taken over ("assumed") by the buyer when you sell your home.
No Prepayment Penalty
You have the right to pay off your loan early without any prepayment penalties.
Veteran Assistance
Counseling and assistance available to veteran borrowers facing financial difficulty or default.
NOTE: Although mortgage insurance is not required, the VA charges a funding fee to issue a guarantee to the lender. This fee may be paid in cash by the buyer or seller, or financed into the loan amount.
How Can a VA Loan Be Used?
A VA loan is more versatile than many people realize. It can be used to:
- Buy a home — primary residence purchases with no down payment in most cases
- Build a home — finance new construction
- Improve a home — fund energy-saving improvements such as solar systems, heating/cooling, water heaters, insulation, storm windows/doors, and other VA-approved upgrades
VA Allowable Fees
The following fees may be charged on a VA loan (not all are required on every loan):
- Lender's appraisals
- Lender's inspections (except construction loans)
- Loan closing or settlement fees
- Document preparation fees
- Loan paper or conveyancing fees
- Attorney's services (other than title work)
- Photographs
- Interest rate lock-in fees
- Postage, mailing, and overhead charges
- Amortization schedules and pass books
- Escrow fees or charges
- Notary fees
- Commitment or marketing fees
- Trustee's fees or charges
- Loan application or processing fees
- Truth-in-lending disclosure fees
- Fees charged by loan brokers or third parties
- Tax service fees
How to Get Started
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Check Eligibility — Confirm you qualify for a VA loan and obtain your Certificate of Eligibility from the VA.
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Consultation — Speak with one of our Loan Originators to discuss your financial situation and VA loan options.
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Prequalification — Get prequalified to understand your borrowing potential and target price range.
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Application — Complete the mortgage application with our team's guidance and submit required documentation.
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Closing — Sign the final documents and move into your new home!