VA Mortgage Loans
Our Rates are Low and Our Process is Quick & Painless
VA Mortgage Loans
VA mortgage loan is a home loan program that is guaranteed by the United States Department of Veterans Affairs (VA) and is designed to help veterans, active-duty service members, and their families to purchase or refinance a home. This program is aimed at providing affordable financing options to eligible borrowers who have served or are currently serving in the military.
What is a VA Mortgage Loan?
A VA mortgage loan is a home loan program that is guaranteed by the United States Department of Veterans Affairs (VA) and is designed to help veterans, active-duty service members, and their families to purchase or refinance a home. This program is aimed at providing affordable financing options to eligible borrowers who have served or are currently serving in the military. The VA mortgage loan offers several benefits such as no down payment, no private mortgage insurance, and competitive interest rates. Additionally, the program offers flexible credit requirements and does not require a minimum credit score. To qualify for a VA mortgage loan, the borrower must have a valid Certificate of Eligibility (COE) and meet certain service requirements. The property must also meet the VA’s minimum property requirements. Overall, the VA mortgage loan program is a great option for eligible borrowers who are looking to purchase or refinance a home.
Frequently Asked Questions:
What are the benefits of a conventional loan?
VA loans provide numerous benefits for eligible military service members, veterans, and certain surviving spouses. Notably, these loans allow for home purchases without a down payment, offering a significant advantage in achieving homeownership. Additionally, VA loans often feature lower interest rates and eliminate the need for private mortgage insurance, reducing monthly costs. The flexibility extends to credit requirements, making it more accessible for veterans with varying credit histories. With limits on closing costs, assistance during financial hardships, and the ability to reuse entitlement, VA loans offer a holistic approach to supporting veterans in their homeownership journey. The option for streamlined refinancing and the absence of prepayment penalties add further financial advantages, making VA loans a valuable and versatile resource for those who have served in the military.
What is the loan process?
Here's how our home loan process works:
- Complete our VA Mortgage Qualifier
- Receive personalized loan option
- Compare mortgage interest rates and terms
- Select the offer tailored to your needs!
What are the key features?
- Fixed Rates
- Adjustable Rates (ARM)
- Low Down Payments
- Jumbo & Super Jumbo Loans
- Terms from 5 to 30 Years
Do I qualify?
Borrowers typically need a credit score of at least 500 and a stable source of income that is sufficient to cover their monthly mortgage payments and other debts. A debt-to-income (DTI) ratio of 43% or lower is typically required. Additionally, borrowers can get preapproved with a down payment of as low as 0% of the purchase price, but this will depend on other factors.
What is the difference between a fixed-rate and an adjustable-rate VA mortgage loan?
A fixed-rate VA mortgage loan has an interest rate that remains the same throughout the life of the loan. An adjustable-rate VA mortgage loan, on the other hand, has an interest rate that can fluctuate over time.
How much can I borrow with a VA mortgage loan?
The amount that you can borrow with a VA mortgage loan depends on a number of factors, including your credit score, income, debt-to-income ratio, and the value of the property that you are purchasing. To get a better idea of what you can afford check out our Free Mortgage Calculator!