VA Loan Programs

Loan Program Benefits

Our team is committed to supporting our military community by helping you obtain your dream of homeownership. Some benefits a VA mortgage loan program offers includes:

• You can buy a home with no money down
• You can refinance your home up to 100% of the home's value
• No Private Mortgage Insurance (PMI) feature
• Sellers can pay for your closing costs
• Because insured by the Federal Government, VA mortgage loans are typically easier to qualify for
• Disabled Veterans may qualify for a waiver of the Funding Fee if they receive disability payments from the VA or are at least 10% disabled

Loan Program Eligibility

As a rule of thumb, almost all Active Duty or honorably discharged service members are eligible for a VA mortgage loan. You may be eligible for a VA loan if any one of these statements describe you:

-I served 181 days during peacetime and am Active Duty

-I served 90 days during wartime and am Active Duty

-I served 6 years in the Reserves or National Guard

-I am the spouse of a service member who was killed in the line of duty

-I currently receive disability payments from the VA

What is a VA Funding Fee?

Required by the Department of Veteran's Affairs (VA), a VA Funding Fee is a fee paid directly to the VA so they can guarantee your mortgage loan and provide you with the opportunity to receive a loan at little to no money out of pocket.

How Much is the VA Funding Fee? The amount varies on several factors including if you are Active Duty, Retired, Guard or Reserve, and whether this is your first-time use, subsequent use, or a cash-out refinance as well as how much your down payment is. The fee can range from 1.250% - 3.300% of the loan. Typically, the greater your down payment, the lower the VA Funding Fee is. Please contact our team so we may help you determine the exact cost of the fee in your unique scenario.

Do I Have to Pay the VA Funding Fee? You do not have to pay the fee out of pocket. You can include the VA Funding Fee within your loan amount and pay the fee over the term of your loan.

Do I Still Have to Pay Other Normal Closing Costs? While you still need to pay for typical closing costs such as the appraisal, title, and escrows, with a VA loan, if you are purchasing a new home the seller can pay for all or part of your closing costs.

What is a VA Streamline Refinance? If you already have a VA mortgage and want to lower your interest rate with little to no out of pocket closing costs, a VA Streamline refinance option is available. You do not need to provide bank statements, W2s, job verifications, or paychecks.