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WHAT IS A VA LOAN?

A VA loan is an excellent benefit for military personnel, both during and after their service. We understand the importance of having a stable “home base” for service members and their families, and we’re proud to help active and retired military take advantage of this program to meet their unique housing needs.

What are the Benefits of a VA loan?

VA loans are partially guaranteed by the U.S. Department of Veterans Affairs—usually around 25% of the loan value—and offer numerous benefits, including:

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  • No down payment

  • No lender fees

  • Higher loan amounts

  • No private mortgage insurance (PMI)

  • Limits on closing costs

  • Option for the seller to cover closing costs

  • No prepayment penalties

  • VA assistance available if you encounter payment difficulties

Who is eligible to Receive a VA loan?

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VA loan eligibility is based on specific criteria. To qualify, applicants must first obtain a Certificate of Eligibility (COE).

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Eligible applicants include those who have received a discharge other than dishonorable from a recognized branch of the U.S. military, including:

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  • Army, Navy, Air Force, Marines, Coast Guard

  • National Guard and Reserve

  • U.S. Military academies

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Applicants must also meet additional VA eligibility requirements.

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Spouse of a veteran

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  • Unremarried spouse of a veteran dying in service or from a service connected disability

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  • Spouse of a service member missing in action or a prisoner of war​

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  • Surviving spouse who remarries on or after age 57, and on or after 12/16/03****

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  • Surviving spouses of certain totally disabled veterans whose disability may not have been cause of death

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National Guard and Reserve

 

Six years of service in the Selected Reserve or National Guard, and

1) Honorable discharge; (2) Placed on the retired list; (3) Transfer to the Standby Reserve or an element of the Ready Reserve other than the Selected Reserve after honorable service, or (4) Continued service in the Selected Reserve

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Others eligible

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Certain U.S. citizens with military service for U.S. WWII allies

Merchant seaman with World War II service

Academy cadets or midshipmen (Army, AF, Navy, Coast Guard)

Certain public health service officers or officers of the National Oceanic & Atmospheric Administration

Not enough service but discharged due to hardship, convenience of the government, reduction-in-force, certain medical conditions or a service-connected disability

Once you have a Certificate of Eligibility (COE), you can use the VA loan guaranty for a variety of financing and refinancing options:

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  • Purchase a residence

  • Purchase a condominium or duplex

  • Purchase and improve a home

  • Purchase a manufactured home or lot

  • Refinance an existing home loan

  • Install energy-efficient improvements

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VA Home Loan Types

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VA loans come in different varieties, and choosing the right one depends on your needs.

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VA Fixed-Rate Home

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  • Loans30-year fixed: Offers stable, predictable monthly payments—ideal for service members settling into one home long-term.

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  • 15-year fixed: Builds equity faster with higher monthly payments, suitable for those wanting to pay off their home sooner.

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VA Adjustable-Rate Mortgages (ARM)

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5-year ARM: Offers a low introductory rate for the first five years. Ideal for service members planning to move or refinance before the rate adjusts.

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VA Jumbo Home Loan

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Guarantees up to 25% of the loan amount, allowing financing for higher-priced homes.

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VA Renovation Loan

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Finance a fixer-upper up to $1 million with one loan, one application, and one monthly payment.

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Cash-Out Refinance Loan

Pay off your existing mortgage and take out a new loan for the home’s appraised value. Extra funds can be used for expenses like college, health care, or debt.

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Interest Rate Reduction Refinance Loan (IRRRL)

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  • Refinance an existing VA loan to a lower interest rate. Benefits include:

 

  • No income or asset verification

  • No out-of-pocket expenses

  • Option to roll all costs into the new loan

  • Convert an ARM to a fixed-rate mortgage

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VA loans offer flexible options to fit the unique needs of service members, whether buying, refinancing, or renovating a home.

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