VA Loans

A benefit earned through service

Who it may fit

• Veterans and active-duty service members with eligible service
• Certain surviving spouses
• Eligible borrowers buying or refinancing a primary residence

Things to know

• Eligibility is confirmed with a Certificate of Eligibility (COE), which I can help you request.
• Many borrowers can buy with no down payment, subject to eligibility and lender guidelines.
• VA loans don't carry monthly mortgage insurance, but most borrowers pay a one-time VA funding fee; some are exempt.
• Refinance options include a VA streamline (IRRRL) and VA cash-out, for eligible borrowers.

Main benefits

• Many eligible buyers can purchase with no down payment, subject to entitlement, the appraisal, and lender guidelines.
• No monthly mortgage insurance, which can lower the monthly payment compared with other low-down-payment options.
• The VA sets limits on certain fees that Veterans can be charged, and sellers may contribute toward some closing costs.
• VA guidelines can be more flexible on credit and debt-to-income than some other programs, though lenders add their own requirements.
• Eligible owners can later refinance with a VA IRRRL (streamline) or a VA cash-out refinance.

Limitations & tradeoffs

• Most borrowers pay a one-time VA funding fee, often financed into the loan, which increases the balance. Veterans receiving VA disability compensation and certain others are exempt.
• The home must be your primary residence, and it must pass a VA appraisal that includes minimum property requirements. Some fixer-uppers and condos may not qualify.
• Putting little or nothing down means less equity at the start, which matters if you may sell or refinance soon.
• Remaining entitlement can be affected if a prior VA loan is still open or ended in a loss.
• Rates and costs differ between lenders, so it pays to compare Loan Estimates line by line.

Next step

Get a quote or call me. I can help you request your Certificate of Eligibility, explain the funding fee for your situation, and walk you through a Loan Estimate so you can compare it with other offers.

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Eligibility, terms, and availability depend on your situation and on lender and program guidelines, and are subject to change. Not all borrowers will qualify. No rates are quoted on this site.