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Offer special benefits only to qualifying veterans, military, and surviving spouses. Designed to make homeownership more affordable, this VA benefit provides several exclusive advantages over other mortgage programs.
You Can Use Your VA Benefit More Than Once
This powerful home loan is available for eligible borrowers over and over again. You could even have a VA loan on more than one property at a time.
A Down Payment May Not be Required!
One of the biggest benefits of a VA loan is that it allows up to 100% financing, meaning you could purchase a new home without having to put any money down. Since the government backs VA loans, they don’t require mortgage insurance regardless of the amount you choose to put down. While putting little to no money down on a mortgage will increase your overall monthly payment, it can make homeownership possible for those who don’t have money saved for a down payment.
VA Loans vs. Conventional Loans
A VA mortgage outweighs a conventional loan in many ways. VA loan requirements are generally more flexible than conventional mortgages, allow for credit scores as low as 580 vs. 620 for conventional, and often offer lower rates. VA loans never require mortgage insurance but do require the borrower to pay a one time VA funding fee.
The VA Funding Fee
The VA funding fee is paid by the borrower per loan to the Department of Veterans Affairs to fund the program as a whole. The exact amount depends on your loan and situation, but is typically 2.3% of the loan for first time VA loan borrowers with a 0% down payment and 3.6% for those using the VA loan benefit for a second time. If you put 5% or more down on your loan you may be able to lower the funding fee amount. The VA waives the funding fee for certain disabled veterans, Purple Heart recipients, and surviving spouses.
Concerned about paying the funding fee? You can choose to pay the fee as a one-time payment at closing or roll it into your monthly mortgage payment and pay it over the life of your loan.
The VA Interest Rate Reduction Refinance Loan (IRRRL)
Designed to make refinancing easy for those with a current VA loan, the VA IRRRL can help lower or stabilize your monthly mortgage payments. Lower your current monthly mortgage payment by refinancing to a lower interest rate or change your term from an ARM to a fixed-rate term so your mortgage payment stays the same over the life of your loan. You may be able to avoid certain out-of-pocket costs of refinancing by using a no appraisal option. You can also roll applicable closing costs and fees into the loan.
VA Refinance Options Even If You Don’t Have a VA Loan
Even if you don’t currently have a VA loan on your home you can still refinance with a VA home loan. Take advantage of lower interest rates and a reduced monthly payment, refinance into a new term, or even finance qualified home improvements with a VA loan.