VA Loans

For eligible veterans and their families, the VA home loan is a truly great financing option and one to explore with an experienced mortgage professional.

The VA Home Loan Program was started in 1944 as a part of the GI Bill of Rights following World War II. It was created to reward those currently serving in the military and veterans that have served. As part of the GI Bill, the government created a special government-insured mortgage program to minimize down payments, lower closing costs, and help active-duty service members and veterans achieve the dream of homeownership.

  • One big benefit of a VA loan is that in most cases, a down payment isn't required. It's one of the only loan programs without a required down payment or private mortgage insurance premiums.
  • Interest rates and annual percentage rates (APRs) tend to be lower for VA loans than for other loan programs. But individual VA loan rates still depend on your personal finances and homebuying needs. Some factors that can affect your rate include your credit score, the value of the home, any down payment you make, etc.

VA Frequently Asked Questions

Eligible veterans and their spouses include the following:

  • Active-Duty Personnel of the Air Force, Army, Navy, and Marines
  • Veterans of the Air Force, Army, Navy, and Marines
  • Certain Reservists and National Guard Members
  • Surviving spouses of veterans who died on active duty or died as a result of service-connected disabilities
  • Certain spouses of active-duty personnel who are:
    • Missing In Action
    • Prisoner of War
  • Where do I check my VA benefits? A VA approved home loan lender can typically confirm your VA benefits status. You can also contact the VA Eligibility Center at 1-877-827-3702 to request a Certificate of Elibigility (COE).
  • Can I use my VA home loan benefits more than once? YES! One of the biggest VA misconceptions is that you can only get a VA loan once. But you can qualify for a VA loan multiple times. You must meet the VA's requirements and receive a new VA loan entitlement by either selling your current home or paying off the existing amount on your current VA loan.
  • What can I expect? The VA offers flexible home lending guidelines, allowing VA lenders to use manual underwriting when needed. That means a person (instead of an automated system) may be able to review your loan application, digging deeper into your credit history in the event you don't fit the cookie-cutter mold of computerized underwriting. Be prepared to provide 2 years of tax returns with W2 forms, pay stubs from the most recent 30 days, and current bank statements.
  • A standard VA loan offers up to 100% financing (no down payment). There is no monthly mortgage insurance nor private mortgage insurance required. In some cases, you may need to put more down to qualify for a specific monthly payment.
  • Condos that meet VA approval may qualify for VA financing. Contact our team to learn more.