VA Loans

VA loans are guaranteed by the U.S. Department of Veterans Affairs. The guaranty allows veterans and service persons to obtain home loans with favorable loan terms, usually without a down payment. In addition, it is easier to qualify for a VA loan than a conventional loan. Lenders generally limit the maximum VA loan to $203,000. The U.S. Department of Veterans Affairs does not make loans, it guarantees loans made by lenders. VA determines your eligibility and, if you are qualified, VA will issue you a certificate of eligibility to be used in applying for a VA loan.

Who is eligible for a VA Loan?

  • Military members who have served 181 days on active duty or three months during war time
  • Veterans who have spent at least six years in the National Guard or Reserves
  • Surviving spouse of Veteran whose death was service connected

What are the benefits of a VA Loan?

  • Sellers can pay up to six percent of closing costs and concessions
  • Higher allowable debt-to-income ratios than that of many other loans
  • Streamlined refinancing loans that require no additional underwriting
  • Competitive interest rates that are routinely lower than conventional rates
  • No prepayment penalties