What are VA Home Loans?

The Veterans Affairs (or VA) loan is a specific loan program to help veterans, active-duty service members and their families purchase a home. Authorized by the US Department of Veterans’ Affairs, this loan option allows military families to qualify for a home loan with fewer restrictions and little-to-no money down.

Do I Qualify For a VA Home Loan?

While there are far less restrictions for qualifying for a VA loan in comparison to other loan options, there still are a few stipulations. To decide if you will qualify for a VA loan, ask yourself these three questions:

• Are you current or ex-military personnel, or a surviving spouse of one?
• Do you have no past record of loan defaults within the last 12 months?
• Have you not declared bankruptcy within the last two years?

Why Should I Get A VA Loan?

VA loans are fully backed by the government, and offer a variety of advantages for your home purchase or mortgage refinance. Here are some advantages of VA Loans:

No Money Down:

With a VA home loan, you don’t have to include a down payment if you can’t afford to, unlike conventional loans, which typically require at least 10-20% down.

No Private Mortgage Insurance (PMI):

Typically, private mortgage insurance (or PMI) normally adds 0.2-0.9% of expenses to your monthly mortgage payments when you put less than 20% down. With a VA loan, you’re not required to have PMI, saving you more money on your home loan.

Fewer Restrictions:

As we mentioned above, VA loans come with fewer restrictions, making it easier for you to qualify for one. With a VA loan, you’re allowed a higher debt-to-income ratio and have more leniencies with your credit score.

Easy Refinance:

Due to the VA Streamline Refinance Loan Program, you are able to refinance your VA loan to a lower rate with less funding fees than a regular refinance.

Ready to start now? Visit our online application and you can get your refinance going in less than half an hour!

Other Popular Home Loan Options:

• 30 Year Fixed Rate Mortgage
• Interest Only Loan
• 15 Year Fixed Rate Mortgage
• FHA Loan