What is a VA Home Loan?

VA home loans are a special mortgage loan type that is available to active military members, veterans, and their surviving spouses. VA loans offer competitive interest rates and have no money down options, making homeownership an achievable reality for our nation’s heroes.

VA Home Loan FAQs

Who is eligible for a VA home loan?

Anyone who has served 90 consecutive days of active service during wartime, or 181 days of active service during peacetime, or anyone who has more than 6 years of service in the National Guard, or Reserves, or you are the spouse of a service member who died in the line of duty or as a result of a military service related injury.

What is the benefit of using a VA mortgage loan versus a conventional mortgage loan?

Qualified buyers have the opportunity to purchase a home with no down payment using a VA home loan. Additionally, there is no monthly MIP (mortgage insurance premiums) and the buyer’s closing costs are limited.

What is the maximum amount you can borrow with a VA mortgage loan?

Technically, there is no maximum VA loan. It’s limited by the value or the purchase price, however, most lenders generally limit the maximum VA mortgage loan to $453,100. You should consult with a Personal Mortgage Advisor for more details and to verify eligibility.

What are the income requirements for a VA home loan?

Homebuyer’s eligible for a VA home loan do not have any income threshold for using their VA home loan benefits. However, VA borrowers are expected to have stable, reliable income that will cover their monthly expenses, including their new mortgage payment.

What will my payment be with a VA loan?

Calculate your potential new monthly mortgage payment in seconds with this handy calculator so you can make sure you have enough money left over each month for all your other expenses. Choose your rate and term—you might be surprised to see how affordable it is to own your home in less time than you thought. See how much interest you’ll pay over the life of the loan, and enter prepayment amounts to calculate their impact on your mortgage.

The Benefits of a VA Home Loan

  • No Down Payment

    If you’re a veteran or active military than you qualify for a home loan with absolutely zero down payment.
  • Competitive Rates

    Because VA Home Loans are insured by the Veterans Administration they carry lower interest rates than other loan programs.
  • No Mortgage Insurance

    Unlike conventional and FHA loans, a VA loan does not require the borrower to pay a monthly mortgage insurance premium.
  • 100% Cash Out

    You can take out 100% of your equity to use for whatever you need when you refinance your VA loan.
  • An Earned Benefit

    The VA Home Loan benefit.
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