VA Loans
For eligible veterans and service members. Often $0 down and no monthly mortgage insurance.
Who This Fits
VA loans are backed by the U.S. Department of Veterans Affairs. They are for eligible veterans, active-duty service members, some National Guard and Reserve members, and some surviving spouses. You must plan to live in the home.
Your Choices
- VA purchase loan: buy a home with as little as $0 down if you are eligible.
- VA IRRRL: a streamlined refinance that can lower the rate on a VA loan you already have.
- VA cash-out refinance: use your home's value for repairs, debt, or other goals.
Basic Requirements
These are general guidelines. Each lender has its own rules, and programs can change.
- Down payment: often $0 down for eligible borrowers.
- No monthly mortgage insurance: VA loans do not have PMI.
- Funding fee: most borrowers pay a one-time VA funding fee. Some veterans, such as those who get VA disability pay, do not have to pay it.
- Certificate of Eligibility (COE): this shows you can use the VA benefit.
- Income and credit: the lender still checks that you can afford the payment.
- Loan size: for veterans with full entitlement, VA does not set a loan limit. You still need to qualify for the payment.
How It Works
- Get your Certificate of Eligibility (COE). Mark can often help request it.
- Talk: Mark checks your budget and goals.
- Pre-approval: you shop with a real budget.
- VA appraisal: the home is checked for value and basic condition.
- Close: you get your keys.
Questions People Ask
Can I use my VA loan more than once?
Yes. Many veterans use the benefit again. How much you can use depends on your entitlement.
Does the seller have to do anything special?
The home must pass a VA appraisal. Mark and your agent can help you write a strong offer.
Is there a VA refinance?
Yes. The VA IRRRL can lower the rate on a VA loan you already have. There is also a VA cash-out refinance.
Related
Refinance · Home Purchase Loans · Payment Calculator · All Calculators · Areas We Serve
All loans depend on credit, income, and property review. Not everyone will qualify. Programs can change. This is general information, not a loan offer. Mark Jost, NMLS #150914. Heathrow Mortgage, Company NMLS #1849599. Equal Housing Opportunity.