VA Loans

VA guaranteed home loans are made by Lenders and guaranteed by the United States Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if you fail to repay the loan. In most cases, no down payment is required on a VA Home Loan and the borrower usually receives a lower interest rate than is ordinarily available with other loans.

Other benefits of a VA loan include:

• Closing costs comparable – and many times lower - than other financing types.
• Loan amounts up to the Conforming Loan Limit, currently $417,000 (including financed Funding Fee).
• Refinance an existing home loan (Conventional, VA, FHA, USDA or any type of Mortgage or Lien) up to 100% of the value of your home.
• Cash-Out refinance up to 100% of the value of your home.
• More leniency on blemished credit.
• Seller can pay closing costs. 
• No monthly PMI (private mortgage insurance) requirement.
• Right to prepay loan without penalties.
• Funding Fee can be financed in your loan or if a purchase, paid by Seller.
• Mortgage can be assumed (or taken over) by the buyer when a home is sold.
• Counseling and assistance available to veteran borrowers having financial difficulty or facing default on their loan.

Although mortgage insurance is not required, the VA charges a funding fee to issue a guarantee to a Lender against borrower default on a mortgage. The fee may be paid in cash by the Buyer or Seller, or it may be financed in the loan amount.

A VA Home Loan can be used to buy a home, build a home and even improve a home with energy-saving features such as solar or heating/cooling systems, water heaters, insulation, weather-stripping/ caulking, storm windows/doors or other energy efficient improvements approved by the Lender and VA.

Veterans can apply for a VA Home Loan with any Mortgage Lender that participates in the VA Home Loan program. A Certificate of Eligibility from the VA must be presented to the Lender to qualify for the loan.