VA Loans

A Benefit Of Military Service

Veterans (and in some circumstances, a surviving spouse) who have a certificate of eligibility can apply for a VA loan. This is an excellent loan program which offers a lot of flexibility and options. These loans are approved and funded by the lender, and then HUD insures the loan. Some highlights of a VA loan are:

• No down-payment required
• Monthly mortgage insurance not required
• Flexible credit and debt-to-income ratio requirements
• 100% financing available regardless of home prices (subject to VA entitlement amount.

Veterans with more than one active VA loan or have defaulted on a previous loan are subject to current conforming loan limits)

• VA loans allow sellers to pay for all closing costs*, pre-paids, and escrows, and up to 4% back towards buyer incentives
• VA funding fee is based on your military status, whether it’s first use or subsequent use, down-payment amount, and type of transaction. Funding fee is allowed to be financed into the loan
• Existing VA loans can be refinanced with an IRRRL “streamline refinance” with reduced paperwork and no appraisal
• Available for primary residence purchases. Existing homes with VA loans can be refinanced, even if it’s no longer your primary residence
• Eligibility for veterans available here: https://www.va.gov/housing-assistance/home-loans/eligibility/

*please contact to find out what closing costs are allowed