VA Home Loans
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VA Loan Options
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What is a VA Loan?
As a way to help returning service members become homeowners, The VA Loan Program was created in 1944 by the U.S. Government. VA Loans are guaranteed by the U.S. Department of Veterans Affairs and are issued by approved lenders. Homes that are existing or new construction, primary residences, are eligible for VA loans. Veterans are also given the option to refinance an existing loan.
See below for more information on VA loans and if you meet the eligibility requirements!
Benefits of a VA Loan
- No down payment
- No mortgage insurance
- Equal opportunity for all eligible Veterans to obtain a VA loan
- VA funding fee can be rolled into the loan
- Veterans receiving VA disability compensation are exempt from VA funding fee
- The VA limits how much closing costs Veterans can pay
- Properties are held to requirements to ensure they are safe, sound, and sanitary
- In the event that a Veteran becomes delinquent on their loan, The VA has staff members to assist in these situations
- In addition to VA Purchase Loans, Interest Rate Reduction Refinance Loans (IRRRL) are available, also known as the Streamline Refinance Loan, which can help borrowers obtain a lower interest rate by refinancing their existing VA loan.
Who is Eligible?
Some things to consider in determining if you qualify for a VA loan: (*meeting 1 or more requirements*)
- Have you served more than 6 years in the National Guard or Reserves?
- Have you served 181 days of active duty during peacetime?
- Have you served 90 consecutive days or active duty during wartime?
- Are you a surviving spouse of a veteran who died in the line of duty or of a service-related injury/disability?