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VA Home Loans

See if you qualify.

The VA Loan provides veterans with a federally guaranteed home loan which requires no down payment. This program was designed to provide housing and assistance for veterans and their families.

The Veterans Administration provides insurance to lenders in the case that you default on a loan. Because the mortgage is guaranteed, lenders will offer a lower interest rate and terms than a conventional home loan. VA home loans are available in all 50 states. A VA loan may also have reduced closing costs and no prepayment penalties.

Additionally there are services that may be offered to veterans in danger of defaulting on their loans. VA home loans are available to military personal that have either served 181 days during peacetime, 90 days during war, or a spouse of serviceman either killed or missing in action.

The Veteran Administration's Loan originated in 1944 through the Servicemen's Readjustment Act; also know as the GI Bill. It was signed into law by President Franklin D. Roosevelt and was designed to provide Veterans with a federally-guaranteed home loan with no down payment. VA loans are made by private lenders like banks, savings & loans, and mortgage companies to eligible Veterans for homes to live in. The lender is protected against loss if the loan defaults. Depending on the program option, the loan may or may not default.

Who is eligible for a VA loan?

Wartime/Conflict Veterans

  • Veterans who were NOT Dishonorably Discharged, and served at least 90 days

  • World War II – September 16, 1940 to July 25, 1947

  • Korean Conflict – June 27, 1950 to January 31, 1955

  • Vietnam Era – August 5, 1964 to May 7, 1975

  • Persian Gulf War - Check with the Veterans Administration Office

  • Afghanistan & Iraq – Check with the Veterans Administration Office

  • Veterans Administration website

Peacetime Service

At least 181 days of continuous active duty with no dishonorable discharge. If you were discharged earlier due to a service-related disability you should contact your Regional VA Office for eligibility verification.

  • July 26, 1947 to June 26, 1950

  • February 1, 1955 to August 4, 1964, or May 8, 1975 to September 7, 1980 (Enlisted), or to October 16, 1981 (Officer)

  • Enlisted Veterans whose service began after September 7, 1980, or officers who service began after October 16, 1981, must have completed 24-months of continuous active duty and been honorably discharged

Reserves and National Guard

  • Certain U.S. Citizens who served in the Armed Forces of a government allied with the United States during World War II.

  • Surviving spouse of an eligible Veteran who died resulting from service, and has not remarried.

  • The spouse of an Armed Forces member who served Active Duty, and was listed as a POW or MIA for more than 90-days.

A VA home loan must be used to finance your personal residence within the United States and its territories. You have choices for the type of home you purchase:

  • Existing Single-Family Home

  • Townhouse or Condominium in a VA-Approved Project

  • New Construction Residence

  • Manufactured Home or Lot

  • Home Refinances and Certain Types of Home Improvements

You can apply for a VA Loan with any mortgage lender that participates in the program, like us! In addition to the application requirements from your lender, you will need the following at application time:

  • Certificate of Eligibility from the Veterans Administration by submitting a completed VA Form 26-1880.

  • Proof of Military Service from a VA Eligibility Center

  • 100% Financing & No Down Payment Loans

  • No Private Mortgage (PMI)

  • No Penalties for Prepaying the Loan

  • Competitive Interest Rates

  • Qualification is Easier than a Conventional Loan

  • Sellers Pay Some of the Closing Costs

  • Can be combined with additional down payment assistance to reduce closing costs

And what is a VA IRRRL?

IRRRL stands for Interest Rate Reduction Refinance Loan.

This loan is offered by the U.S. Department of Veterans Affairs for veterans and military families. Similar to the FHA Streamline Loan, it is often referred to as the VA Streamline Loan as it requires minimal documentation and closes quickly with minimal closing costs.

The following information comes from Investopedia:

The qualifications for an IRRRL are highly relaxed—basically, applicants who already have a VA loan are pretty much approved for the refinancing. But they still need to apply to a Department of Veterans Affairs-approved lender (and since the terms of financial institutions vary, the VA encourages borrowers to comparison shop). While there is no cap on the amount a homeowner can borrow, lenders will consider the liability limits that the VA is able to assume when determining the final amount they are willing to refinance. The basic entitlement available to each eligible veteran is $36,000; lenders will generally extend up to four times that amount, depending on local county limits.

Also, the refinanced loan must represent a real financial advantage to the borrower: The interest rate on the new mortgage must be lower than the rate on the old one, or the monthly payments must be smaller. The only exception is if the borrower is converting an ARM to a fixed-rate mortgage.

The occupancy requirement for an IRRRL is more easygoing, as well, even compared to other VA loans. The IRRRL program allows borrowers to refinance homes they previously lived in but that are now investment properties, rental properties, or second homes. The property the mortgage covers does not have to be appraised in order to apply for the loan.

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