REQUIRES NO DOWN PAYMENT

VA Loans – Purchase and Refinance Loans

Did you hear the good news? VA loans do not require a down payment. Requirements include being a veteran, current service member of the U.S Military, or being the spouse of a veteran.

Who is eligible for a VA mortgage loan?

To be eligible for a VA mortgage loan, you must be a veteran, active-duty service member, or eligible surviving spouse. You must also meet the service requirements, which vary depending on your military status. Generally, veterans must have served at least 90 consecutive days of active duty during wartime or 181 days of active duty during peacetime. Active-duty service members must have served at least 90 days of continuous service. Surviving spouses may also be eligible if their spouse died while on active duty or as a result of a service-related injury or illness.

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Who is Eligible?

You must be a veteran, active-duty service member, or eligible surviving spouse.

Property Requirements

The property must meet the VA’s minimum property requirements.

Discharge Requirements

You must not have been discharged from the military under dishonorable conditions.

No Down Payment Requirement

No down payment requirements: You can purchase a home with no money down.

Certificate of Eligibility

You must have a valid Certificate of Eligibility (COE).

Primary Residence Requirement

You must occupy the property as your primary residence.

VA loan refinancing

VA loans offer several refinancing options, including the VA IRRRL and the VA Cash-Out Refinance. The VA IRRRL is designed to help borrowers refinance their existing VA loan to obtain a lower interest rate or a more favorable loan term. The VA Cash-Out Refinance allows borrowers to tap into their home’s equity to obtain cash for home improvements, debt consolidation, or other expenses.

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Benefits of a VA mortgage loan

VA mortgage loans offer several benefits over traditional mortgage loans, including:

  • No down payment requirements: You can purchase a home with no money down.
  • Lower interest rates: VA loans typically offer a lower interest rate compared to conventional loans.
  • Easier qualifying standards: VA loans have more relaxed credit score and debt-to-income ratio requirements.
  • No private mortgage insurance (PMI): Unlike conventional loans, VA loans do not require PMI.
  • Closing cost limits: The VA limits the amount of closing costs that can be charged to the borrower.
  • Assumable loans: VA loans are assumable, which means that the loan can be transferred to another borrower.
  • Refinancing options: VA loans offer several refinancing options, including the VA Interest Rate Reduction Refinance Loan (IRRRL) and the VA Cash-Out Refinance.