VA Loans

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Definition

Honoring Service with Affordable Homeownership

A VA home loan is a mortgage program guaranteed by the U.S. Department of Veterans Affairs (VA) and available to eligible veterans, active-duty service members, National Guard and Reserve members, and certain surviving spouses. The VA guarantee reduces lender risk, enabling favorable loan terms for qualified borrowers.

Description

Trusted Partnerships Built

VA home loans are designed to help eligible service members and veterans achieve homeownership with minimal upfront costs and flexible qualification standards. Because the loan is backed by the VA, lenders can offer benefits that are not typically available with conventional or FHA loans.

Down Payment

No down payment required for most qualified borrowers.
Mortgage Insurance

No monthly private mortgage insurance (PMI) or mortgage insurance premiums.
Credit Requirements

More flexible credit guidelines and competitive approval standards.
VA Funding Fee

A one-time funding fee is required (with some exemptions) to help sustain the program; this fee can often be financed into the loan.
Loan Limits

No VA-set loan limit for borrowers with full entitlement; lender limits may still apply.
Property Eligibility

Limited to owner-occupied primary residences and must meet VA minimum property requirements.
Interest Rates

Typically lower than conventional loan rates due to the VA guarantee.
Assumable Loan

VA loans are assumable, allowing a qualified buyer to take over the loan under certain conditions.
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