VA Loans
What are VA Loans?
Created in 1944 to help veterans after World War II, VA (Veterans Affairs) Loans are expressly for current and veteran service members – and eligible spouses – looking to purchase or refinance a home.
VA Loans have competitive interest rates and usually require no down payment (loan applicants must meet VA eligibility, however, there is no mortgage insurance, and the VA funding fee can be financed into the loan (and is waived for eligible disabled veterans.)
Who Is Eligible for VA Loans?
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VA Loans are for active-duty military or veterans who meet certain service requirements. Spouses of those who served and passed away, either during active duty or through service-related disability, may also be eligible.
Features
Better Mortgage Rates
On average, 30-year rates tend to be lower for VA Loans when compared to Conventional or FHA mortgages.
Easy to Refinance
A VA loan can be refinanced to a lower rate without an appraisal or even income documentation via the streamlined Interest Rate Reduction Refinance Loan (IRRRL).
No down payment or Mortgage Insurance required
In most cases, VA Loans require no down payment, and don’t require mortgage insurance. With the government as a guarantor, this affords veterans greater opportunities to pursue the home of their dreams.
