VA Loans
VA Loans
A VA loan is a mortgage program offered to eligible veterans, active-duty service members, National Guard members, and some surviving spouses to buy, build, or refinance a home.
Benefits include no down payment requirement (in most cases), competitive interest rates, limited closing costs, and no private mortgage insurance (PMI).
While VA loans do not have a strict maximum loan amount, they are subject to VA’s guaranty limits, which vary by location and affect loan eligibility.
VA loans have a funding fee, which can vary based on factors like military service, down payment amount, and whether it’s the first VA loan or subsequent use.
Yes, VA loans are reusable, and eligible borrowers can use their VA loan benefits multiple times throughout their lives, given they meet VA and lender requirements.
VA loans typically have more flexible credit score requirements compared to conventional loans, but lenders might have their own minimum score preferences.
The process involves applying for a VA loan through a VA-approved lender, providing proof of military service, income verification, and other required documentation.
