Mortgage FAQs: VA Loans

Are you a veteran, member of the military, or a military spouse currently considering buying a home? If so, one of the options you may have available to you for home financing is a VA loan. 

To see if this type of loan may be a fit for you, here are is an overview and answers to frequently asked questions regarding VA loans: 

What is a VA Loan?

VA loans are home loans backed by the United States Department of Veterans Affairs to help active-duty service members, veterans, and eligible surviving spouses purchase homes. Because these loans are guaranteed by the VA, lenders are able to provide qualified borrowers with higher mortgages — sometimes up to 100% of the home’s cost — and lower interest rates, making homeownership more attainable.

How do VA Home Loans work?

• Fixed rate monthly payments are based on interest rate, principal loan amount and amortized interest over 15, 20, or 30 years. Your payment will not change throughout the life of the loan.
• You can pay your mortgage down at any time without prepayment penalties

What are some of the benefits of VA Loans? 

• You may be able to refinance up to 100% of your primary home’s appraised value
• VA Streamline Refinance with a reduced funding fee and flexible documentation requirements – available for veterans currently with VA loans
• If eligible, you may be able to buy a home with no money down (if it is your primary home)
• No monthly Private Mortgage Insurance (PMI)

If you have any questions on VA loans or other loan options, please reach out to our team today – one of our Mortgage Consultants will be happy to answer all of your questions and get you started on the next step in your homebuying journey.

Thank you for your service, and for the sacrifices you and your loved ones have made to keep us all safe.