VA Home Loans
Honoring your service with the home loan benefits you've earned. Zero down payment, no PMI, and competitive rates for eligible veterans and service members.
Quick Answer
VA loans offer eligible veterans and service members zero down payment, no private mortgage insurance, and competitive interest rates. Backed by the Department of Veterans Affairs, VA loans have more flexible credit requirements than conventional mortgages. Joshua Donion is a VA loan specialist with over 20 years of experience.
What Are VA Loans?
VA loans are mortgage loans guaranteed by the U.S. Department of Veterans Affairs. They are designed to help eligible veterans, active-duty service members, National Guard members, reservists, and certain surviving spouses purchase, build, or refinance a home. VA loans offer some of the most favorable terms available in the mortgage industry, making homeownership more accessible for those who have served our country.
VA Loan Eligibility
To qualify for a VA loan, you must meet service requirements set by the Department of Veterans Affairs and obtain a Certificate of Eligibility (COE).
Active-Duty Service Members
Currently serving members who have completed at least 90 continuous days of active service during wartime, or 181 days during peacetime.
Veterans
Former service members who meet the minimum active-duty service requirements and were discharged under conditions other than dishonorable.
National Guard & Reserves
Members with at least 6 years of service in the Guard or Reserves, or 90 days of active-duty service under Title 10 orders.
Surviving Spouses
Un-remarried spouses of service members who died in the line of duty or from a service-connected disability. Certain remarried spouses may also qualify.
Certificate of Eligibility
Your COE verifies your eligibility and can be obtained online through the VA portal, by mail, or with help from your lender. Joshua can assist you in obtaining your COE quickly.
Occupancy Requirement
VA loans require that the property be your primary residence. You must intend to move in within 60 days of closing in most cases.
Benefits of VA Loans
No Down Payment
VA loans are one of the few mortgage programs that allow you to purchase a home with zero down payment. This means you can finance 100% of the home's value, making homeownership accessible without years of saving.
No Private Mortgage Insurance
Unlike conventional and FHA loans, VA loans do not require private mortgage insurance (PMI) or monthly mortgage insurance premiums (MIP), regardless of your down payment amount. This saves you hundreds of dollars per month.
Competitive Interest Rates
Because VA loans are backed by the federal government, lenders can offer interest rates that are often 0.25% to 0.5% lower than conventional loan rates. Over a 30-year mortgage, this translates to significant savings.
Flexible Credit Requirements
The VA does not set a minimum credit score requirement, though most lenders prefer a score of 620 or higher. VA loans are generally more lenient with credit history compared to conventional mortgage programs.
Limited Closing Costs
The VA limits the types and amounts of closing costs that veterans can be charged. Sellers can also contribute up to 4% of the home's value toward closing costs and concessions.
Reusable Benefit
Your VA loan benefit is not a one-time use. You can use your VA loan entitlement multiple times throughout your life, whether you sell your current home or pay off your existing VA loan.
How to Apply for a VA Loan
Five straightforward steps to your new home.
Obtain Your Certificate of Eligibility
Request your COE through the VA's eBenefits portal, by mail, or let Joshua obtain it on your behalf through the automated system.
Get Pre-Approved
Submit your financial documents and COE. Joshua will provide a pre-approval letter so you can shop with confidence.
Find Your Home
Work with a VA-experienced agent. The home must be your primary residence and meet VA Minimum Property Requirements.
Complete the VA Appraisal
An independent appraisal ensures the home meets standards and the price reflects fair market value.
Close on Your Home
Sign closing documents, pay any applicable funding fee and closing costs, and receive the keys to your new home.
Frequently Asked Questions
What is the VA funding fee?
The VA funding fee is a one-time fee that helps fund the VA loan program. It typically ranges from 1.25% to 3.3% of the loan amount, depending on your down payment, service history, and whether it is your first VA loan. The fee can be rolled into the loan. Some veterans with service-connected disabilities are exempt.
Can I use a VA loan more than once?
Yes. Your VA loan entitlement is reusable. Once you sell the home and pay off the VA loan, your full entitlement is restored. In some cases, you may even be able to have two VA loans simultaneously if you have remaining entitlement.
Is there a maximum loan amount for VA loans?
For borrowers with full entitlement, there is no VA loan limit as of 2020. Lenders may have their own limits based on your income and creditworthiness. Borrowers with reduced entitlement may still be subject to conforming loan limits in their county.
Can I use a VA loan to buy a condo or multi-unit property?
Yes. VA loans can be used for single-family homes, VA-approved condominiums, and multi-unit properties up to four units, as long as you occupy one of the units as your primary residence.
How long does the VA loan process take?
The VA loan process typically takes 30 to 45 days from application to closing, similar to conventional loans. The VA appraisal process may add a few days compared to conventional appraisals, but working with an experienced VA lender like Joshua helps keep things on track.
Explore Related Programs
Find the right loan option for your situation.
Ready to Get Started?
Take the first step toward your dream home. Apply online in minutes or schedule a free consultation.