If you’re a veteran, active-duty member, or an eligible spouse in the market to purchase a home, then a VA loan may be a good option for your home financing needs. To ensure you are qualified for this loan, discuss your needs with a team member or check the U.S. Department of Veterans Affairs website for more information.
As an eligible recipient of a VA Loan, you can receive several benefits by using this loan product.
Benefits of a VA Loan
- You can finance 100% of the loan with no mortgage insurance. This can save you hundreds of dollars per month compared to a Conventional loan.
- You can also finance 100% with a cash-out refinance.
- If you ever need to refinance, the VA loan products have streamlined refinancing with very little closing costs and typically an appraisal is not needed.
- There is flexibility on debt ratios unlike other mortgage products.
- Home eligibility for a VA financing includes stick-built houses, condos, or even manufactured homes.
- If you are a disabled veteran, your funding fee could be waived.
- Currently*, there is no cap on loan amounts, so you could use your VA loan for a jumbo loan amount. (*May 2021)
Keep In Mind
- Only service men and woman are eligible for VA loans. Reserve members can qualify, as well.
- This product does have a funding fee (*currently 2.3% of the loan amount, May 2021). Funding fees can be reduced by making a down payment on your home’s purchase.
- VA loan appraisals are more involved than a typical appraisal. This is to ensure that you are purchasing a home that is in the best condition for you and your family. Keep in mind, VA loan appraisals may require more time. They are also a little bit stricter and may require more time for the loan to be closed.
- If the person you are purchasing a home with is not your spouse, you are not eligible to use a VA loan.
If you have any questions about our VA loan products,
