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VA Mortgage Loan
VA Mortgage Loan Benefits
The VA loan program offers several attractive features for eligible borrowers. One of the notable advantages is the potential for no down payment, allowing borrowers to finance their home purchase without requiring an upfront payment. Additionally, VA loans typically do not require private mortgage insurance (PMI), although there may be a VA Funding Fee for program use unless the borrower is exempt. This can result in cost savings over the life of the loan.
VA loans also provide competitive interest rates, ensuring borrowers can secure favorable financing terms. Furthermore, borrowers have the flexibility to make early payoffs without incurring any penalties. This allows them to save on interest expenses and potentially pay off their mortgage faster.
For existing VA loan holders, the streamlined refinance program offers a simplified process to refinance their mortgage, providing the opportunity to benefit from lower interest rates or other favorable terms. Lastly, VA loans come with limits on allowed fees, providing additional protection for borrowers against excessive or unnecessary charges.
Overall, the VA loan program offers a range of benefits and protections designed to assist eligible individuals in accessing affordable and favorable mortgage financing options.
Eligibility Requirements
To be eligible for certain benefits and programs, such as VA loans or certain veteran-specific programs, there are specific service requirements. For active-duty service members, a minimum of 90 days of service under Title 10 in the Armed Forces is typically required. In the case of National Guard members, as few as 90 days of full-time duty under Title 32, with a 30-day stint, may be sufficient. Regular military members must serve a consecutive two-year period, while Reservists and Guard members must complete a minimum of six years. Additionally, an honorable discharge from active duty is necessary to meet the eligibility criteria for these programs and benefits.
VA Mortgage Loan Options
VA Standard
VA Streamline Refi
VA Standard
Serve those who have bravely served in the Armed Forces.
- Loans up to $4M
- 620+ FICO Up to 100% LTV
- Fixed term only
- Single-family primary residence
- Purchase & cash-out refinance
- Available on single- and multi-wide condos and PUDs
- Escrow waivers up to 100% LTV
- 2-1 and 1-0 Temporary Rate Buydowns available for primary purchases
VA ELITE
VA Streamline Refi
VA Standard
For VA borrowers with higher FICO scores, offer industry-leading government rates and pricing.
- Loan amounts from $125,000 up to county loan limits
- Jumbo loan option starting from $1 over the county loan limit up to $4M
- 640+ FICO Up to 100% LTV
- Fixed term only
- Single-family primary residence
- Purchase & cash-out refinance
- Available on single- and multi-wide condos and PUDs
- Escrow waivers up to 100% LTV
- 2-1 and 1-0 Temporary Rate Buydowns available for primary purchases
VA Streamline Refi
VA Streamline Refi
VA Streamline Refi
Allowing VA borrowers to take advantage of their VA benefits by streamlining their current VA loan into a lower interest rate.
- Unlimited LTV
- Loans up to $4M
- No appraisal required
- Available on single- and multi-wide condos and PUDs
- Primary, second, and investment properties are eligible