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  • VA Loan Options

  • For members of the U.S. military, veterans, and their spouses, the Department of Veterans Affairs makes available a special mortgage program called the VA Loan Guaranty Program.  Available as part of your VA benefits, the VA loan program is a no-downpayment, 100% mortgage with loose eligibility standards meant to help as many military borrowers qualify as possible.

    The VA loan program was meant to be an alternative to a cash bonus; one which would not only be less expensive to the U.S. government, but one which would also better serve the needs of U.S. veterans who had not had a chance to establish a credit rating as their non-veteran counterparts had been able to do.

    VA home loan benefits are available to many veterans of U.S. military service, active personnel, and surviving spouses, among others. .  VA benefits extend to certain members of the National Guard and Reserves; National Oceanic & Atmospheric Administration (NOAA) officers; public health service officers; and Air Force, Coast Guard, and military cadets.

    There are minimum eligibility requirements to meet, which include verification of income and assets, and minimum service times.  VA loans do require an upfront funding fee, though, which for some veterans can be waived in full.

    • No down payment is required in most cases
    • No Mortgage Insurance required
    • Owner-occupied properties only
    • Terms: 30 year fixed rate
    • Limit on the amount of origination fees, appraisal fees and closing costs
    • High loan limit