VA Home Loans

VA loans are a kind of mortgage loan that has a guarantee from the U.S. Department of Veterans Affairs (VA). They're meant to assist active-duty military members, veterans, and their families in buying a home. In this guide, we'll go over some important features and advantages of VA loans.

  • With a VA loan, you don't have to make a down payment when buying a home. However, making a bigger down payment can lower your monthly mortgage payment.

  • For a VA loan, a home appraisal is necessary to figure out how much the home is worth. A licensed appraiser usually does the appraisal, and the borrower usually covers the cost. The appraisal makes sure that the loan amount matches the home’s value.

  • VA loans are designed to help our military qualify for A mortgage. To be approved for a VA loan, borrowers need a credit score above 500.

  • VA loans don't need mortgage insurance, which is a great perk for borrowers because it saves them money on their monthly payments.

  • VA loans have a funding fee, which supports the VA program. The fee amount changes based on the loan size, loan type, and if the borrower has a service-connected disability. You can pay the fee upfront or include it in the loan amount.

  • Another benefit of a VA loan is that it protects borrowers from certain fees. For example, VA loans limit the closing costs that borrowers need to pay, which helps them save a lot of money in the beginning. Additionally, VA loans don't allow certain fees that lenders usually charge for other types of loans, such as fees for paying early or fees for processing and evaluating the loan.