VA Loan

The main thing that sets VA loans apart is they’re only available to eligible service members, veterans and surviving spouses. That’s because they’re backed by the U.S. Department of Veterans Affairs (VA). Here are some other ways VA loans are different.

• You need a Certificate of Eligibility from the VA to show lenders you qualify for a VA loan.

• In most cases, you won’t need a down payment to buy a home. Don’t forget you’ll still need funds for closing costs.

• You won’t pay private mortgage insurance on a VA loan. Instead, you may have to pay the VA Funding Fee.

These articles will help you learn more about how VA loans compare to other home loans. 

FHA vs. VA loans: what's the difference, and which one is best for you?

VA loan vs. conventional loan: What's the difference?.

If you meet the minimum active-duty service requirements based on when and where you served, you could be eligible for a Certificate of Eligibility (COE). That’s the document that shows lenders you qualify for a VA loan.

Surviving spouses of a veteran may also be eligible for a COE.

We can help you know if you're eligible , or you can check on the VA website.

We have multiple VA loan options available, and the expertise to help you know which one is right for you. They include the following: 

• VA loans for buying or refinancing a home with 15, 20, 25 or 30-year terms and a fixed interest rate.

• For larger loan amounts, we offer VA jumbo loans with 15, 25 or 30-year terms and a fixed interest rate.

• A VA ARM (adjustable-rate mortgage) with a 5-year fixed interest rate period that adjusts every year after.

• A VA interest rate refinance reduction loan (IRRRL), also called a streamline. These are used to change the interest rate, term and/or payment of an existing VA loan.

A VA loan is meant to be used to buy a home that will be your primary residence. This includes a one-unit manufactured home. Otherwise, you can buy property with up to four units as long as you live in one of the units and it’s your primary residence.

If you’re interested in a second home, vacation home or investment property, we recommend chatting with one of our experts to see what’s possible.

VA loans don’t just come with benefits for home buyers. Eligible homeowners can benefit too, whether you have a VA loan now or refinance to one.

Use more of your home equity. Equity is the difference between the value of your home and what you owe on it. With a conventional loan, you typically can only access up to 80% of your home equity. A VA loan can allow you access 100%.

Take cash out with lower credit than other loans. Your credit can be as low as 580 to take cash out, compared to 620 for other loan types.