VA Loans

A VA Mortgage Home Loan (A Veterans Administration home loan) is one of the most useful military benefits.

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If you qualify, you can buy or build a home, or refinance an existing home mortgage, with as little as $0 down, great rates, and financing up to $510,400 (2020 limit) – more if you live in certain high-cost areas. Another benefit over traditional mortgages is that there is no PMI (Private Mortgage Insurance, the monthly insurance fee charged when you put less than 20% down).

For most service-members and veterans who qualify, a VA loan is one of their most valuable benefits and can be a great choice, especially when you have limited down payment funds, or equity in your existing home. This section offers an overview of the VA loan program, and instructions on how to apply.

A VA home loan can make buying or refinancing a home buying more obtainable for veterans and active service members.

VA Loan Basics

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VA Loans are issued by banks, mortgage lenders and mortgage brokers.
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VA loans are backed by the U.S. Department of Veterans Affairs.
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The VA has helped veterans obtain and finance housing since 1944.
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VA loans can offer 100% loan to value financing for purchases, and 90% loan to value financing for cash out, or debt consolidation.
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Millions of military men and women have purchased homes using this type of mortgage program.

VA Loans VS. Conventional Home Loans

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VA Loans

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VA loans offer no down payment.
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With a VA home loan there’s no private mortgage insurance.
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Because the VA loan is backed by the government, the rates can be lower than a conventional loan, which will save you a considerable amount of money over the life of your home loan.
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The VA home loan may offer easier qualifying than a conventional loan, with FICO scores down to 600.

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Conventional Home Loans

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With conventional loans, the buyer is typically required to provide 3% to 20% down, which can often make it too difficult to save.

VA Loan Funding Fee

The VA Funding  directly supports  the Department of Veterans Affairs and backs current and future VA loans. 

Men and women with a service-related disability, do not have to pay the funding fee.  Fees currently range from 1.4% with 10% down for first time VA loan recipients, to 3.6% for repeat home buyers.  The good news is you can roll this fee into your loan amount

In addition, closing costs can be less and often the seller can pay these costs.

VA Loan Limits

As of 2020, the VA allows for no down payment on loans up to $510,400.  This does not mean that’s all a veteran can qualify for, it means that’s the limit in most cities you can secure a mortgage with no down payment. 

For example, in high cost areas the maximum you can qualify for with no down payment is over $765,600.  

How Much Can I Qualify for on a VA Loan?

The amount you can qualify for varies depending on a number of factors. One of the biggest factors is your debt ratio.  It helps to determine the amount you can afford to pay each month.

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