As a qualified veteran, active duty member, or eligible spouse, you have earned VA housing benefits that include: no down payment, no monthly mortgage insurance. The U.S. Department of Veterans Affairs has set eligibility requirements for a VA mortgage. If you’re a military veteran or active service member looking to buy or refinance, learn more about your VA benefits by speaking with one of our loan officers today.
- You’re a veteran or active-duty military member: VA loans are specifically designed for current and former members of the military and their families. If you’re eligible for a VA loan, it can be a great way to finance your home purchase.
- You want to buy a home with no down payment: VA loans offer 100% financing, which means you can buy a home without making a down payment. This can be a huge advantage, especially for first-time homebuyers who may not have a lot of money saved up.
- You want a competitive interest rate: VA loans typically offer lower interest rates than conventional loans. This can save you a significant amount of money over the life of your loan.
- You have a less-than-perfect credit score: VA loans have more lenient credit requirements than conventional loans. If you have a lower credit score, a VA loan may be a good option.
- You want to refinance an existing VA loan: If you already have a VA loan, you may be able to refinance it through the VA’s Interest Rate Reduction Refinance Loan (IRRRL) program. This can lower your interest rate and monthly payment.
It’s important to note that VA loans come with some requirements, such as a funding fee, that can add to the cost of your loan. However, the benefits of a VA loan can outweigh the costs for many borrowers. Be sure to consult with a mortgage professional to determine whether a VA loan is right for you.