VA Loans

What is a VA Mortgage Loan?

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A VA mortgage loan is a home loan that is guaranteed by the U.S. Department of Veterans Affairs. A VA loan makes it easier for veterans, active duty military members and eligible surviving spouses to purchase or refinance their home because it typically doesn’t require a down payment.*

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The VA offers this benefit to honor the service and enhance the lives of those who have served or are serving their country. The flexible VA mortgage loan guidelines make homeownership more attainable for active service members, vets and surviving spouses who might not qualify or who might not see loan terms as favorable with a Conventional loan.

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A down payment is required if the borrower does not have full VA entitlement or when the loan amount exceeds the VA county limits. VA loans subject to individual VA Entitlement amounts and eligibility, qualifying factors such as income and credit guidelines, and property limits.

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VA Mortgage Highlights:

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VA home loans often require no down payment* and help keep your savings secure and offer more flexibility for active-duty military personnel, veterans and eligible surviving spouses. They also feature:

• No prepayment penalties

• No private mortgage insurance (PMI)

• 100% financing with full VA entitlement*

• Fixed- and adjustable-rate mortgages

• VA financing fees can be lumped into the total loan amount

• A variety of eligible property types, including townhomes and VA-approved condos
   

‍A down payment is required if the borrower does not have full VA entitlement or when the loan amount exceeds the VA county limits. VA loans subject to individual VA Entitlement amounts and eligibility, qualifying factors such as income and credit guidelines, and property limits.