For eligible veterans and active duty military personnel a VA home mortgage loan can be one of the most important benefits to take advantage of.  If you are a disabled veteran, you may qualify for additional benefits on a VA home mortgage loan. The program does not limit the number of times a veteran may use the program.

VA home mortgage loans extend to the Army, Navy, Air Force and Marines, Reservists and National Guardsmen.

Some of the benefits of the VA Mortgage Loan Program are:

  • Finance up to 100% of the value of the property (ie. no down payment required)
  • Up to $417,000 loan amount
  • Easier qualification guidelines than a conventional loan
  • No monthly mortgage insurance
  • Seller contributions up to 4% allowed towards closing costs or to payoff debts to help qualify

The VA Funding Fee
The Veterans Administration will assess a Funding Fee to all VA loans between .5% and 3.3% of the loan amount. The fee is added into the amount of the loan to be paid over the life of your home mortgage loan. The Funding Fee replaces the much higher priced Mortgage Insurance required when you get a conventional home loan. If you are a Disabled Veteran, you may qualify to get the fee waived completely.

Refinance – Interest Rate Reduction Refinance Loan IRRRL
VA mortgage loans have built-in features allowing a loan to be refinanced to a lower interest rate without all of the criteria normally associated with a conventional loan. This is called an Interest Rate Reduction Loan; the veteran can secure a lower interest rate without an appraisal, income or asset verification.  The costs of the transaction can be added into the loan so there are no out-of-pocket costs.

VA Loans