VA Loans

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For our brave servicemembers and veterans, you qualify for top-notch mortgage products through the Department of Veterans Affairs (VA). VA sets loan rules, arranges terms, and guarantees loans, some with no down payment. Note that not all lenders participate in the VA home loan program.

Eligibility

The VA assists in determining home loan benefits, issuing Certificates of Eligibility (COE), and restoring eligibility after the sale of a home financed through a VA loan. The Veterans Benefits Improvement Act of 2008 allows veterans to refinance non-VA mortgages into a VA loan for up to 100% of the property value, potentially reducing monthly payments. The VA treats spousal status uniformly, regardless of gender. Different loan underwriting requirements may apply when applying with a non-spousal co-borrower. Eligibility certification can be accessed online, providing information on various benefits. While the VA guaranty is considered by lenders, VA loans are managed by private lenders, requiring applicants to undergo the standard application process.

Benefits of a VA Loan:

• No downpayment required 
• Competitively low interest rates
• Limited closing costs
• No need for Private Mortgage Insurance (PMI)
• The VA home loan is a lifetime benefit: you can use the guaranty multiple times