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VA Loans

What is a VA Loan?

A VA loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA). The loan may be issued by qualified lenders. The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses (provided they do not remarry).

VA Loan Eligibility Requirements

The length of your service or service commitment and/or duty status may determine your eligibility for specific home loan benefits.

Product Features

Feature Description
Property Type
  • 1- to 4-unit owner-occupied primary residences, including single-family dwellings, condominiums, and planned unit developments (PUDs)
  • Manufactured homes in accordance with requirements in theSingle-Family Seller/Servicer Guide (Guide)
  • Refer to VA underwriting guidelines and the Guide for a complete list of eligible property types
Eligible Mortgage Products
  • 15-, 20-, and 30-year fixed-rate mortgages
Borrower Eligibility
  • Debt-to-income ratio up to 60 percent
  • Credit scores down to 600
  • Certificate of eligibility and proof of military service is required
  • Review VA underwriting guidelines and Guide Chapter 35 for all borrower eligibility requirements
Transaction Type
  • Purchase and refinance transactions
Maximum LTV Ratios
  • No maximum LTV
    • Generally the LTV is 100 percent
    • If the veteran finances the funding fee, discount points or elects to finance energy efficient improvements, the LTV will be greater than 100 percent
Eligibility/Underwriting
  • Loan Prospector or manually underwritten
  • Mortgage insurance is not required
  • VA underwriting guidelines apply
  • Collateral is evaluated by VA fee appraisers. To review specific appraisal criteria, refer to the VA’s underwriting manual
  • VA Funding Fee charged to defray the costs of administering the VA home loan program. The fee can be financed and varies based on veteran eligibility and subsequent use of benefits
    • VA Funding Fee: 3 percent maximum
  • The VA program outlines what is considered to be reasonable and customary amounts for all of the “Itemized Fees and Charges.” The veteran is responsible for payment of the specified fees and charges plus a 1 percent flat charge by the lender, plus reasonable discount points. Refer to VA underwriting guidelines for more details

Purchase Loans and Cash-Out Refinance: VA-guaranteed loans are available for homes for your own personal occupancy. To be eligible, you must have a good credit score, sufficient income, a valid Certificate of Eligibility (COE), and meet certain service requirements. Learn More

Interest Rate Reduction Refinance Loan (IRRRL): The IRRRL is a “VA to VA” loan, meaning it can only be applied to refinance an existing VA loan. An IRRRL can be done only if you have already used your eligibility for a VA loan on the property you intend to refinance. Learn More

Native American Direct Loan (NADL) Program: The NADL program helps Native American Veterans purchase, construct, improve, or re-finance a home on Native American trust lands. Your tribal organization must participate in the VA direct loan program. You must have a valid Certificate of Eligibility (COE) and meet certain service requirements. Learn More

Adapted Housing Grants: VA helps Veterans with certain total and permanent disabilities related to your military service obtain suitable housing with either a Specially Adapted Housing (SAH) or Special Housing Adaptation (SHA) grant. Learn More

How do I apply for a VA Loan?

How Do I Apply for a Jumbo Loan?

We need a lot of information on your loan application. You will need to provide us with a wide range of details including:

  • All addresses where you have lived in the previous two years.
  • Your employer’s name and addresses for the last two years, plus the amount of your Gross Monthly Salary.
  • W2s for the past two years.
  • Income tax forms submitted for the last two years.

Gather all of this information to begin your application so you will have everything handy to complete your loan forms at one time and give us a call!

Today's Loan Rates

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Updated: 12.14.19

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VA Rate Quote

A VA loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA).

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Testimonials

"John was very professional. Everything went as per GFE and no surprises. John was very helpful to extend the rate lock for couple more weeks. Replies wore quick and accurate and up to the point. Closing was a breeze. We are very happy we went through John."

user18541564

"John has been extremely helpful and honest. He has closed for me for the forth time and I have had no issues at all. he works with and for you. I highly recommend him."

vishalgupta

"We used John twice to refinance our primary mortgage. Very knowledgable, responsive and fast. Both transactions went smoothly and he delivered as promised. Would definitely use him again."

user4239384

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