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How do VA home loans work?

A VA home loan is a mortgage loan that’s issued by private lenders and partially back by the federal government. It helps U.S. veterans, active duty service members, and select widowed military spouses to buy a home.

VA home loans have been around since 1944, but they’ve become increasingly popular in recent years and now account for about 8%* of home purchases. This type of loan is often a good option because requirements are less restrictive to qualify for and require little to no down payment. 

VA home loans can be a great way into homeownership. They differ in some key ways from traditional home loans, so contact us to find out if a VA home loan is the best way for you to buy that dream home. 

Key Features and Benefits of VA Home Loans:

    • Little or no-down-payment 

    • Minimum credit of 620 is required for fixed-rate financing.

    • Borrowers with credit scores from 580 to 619 are subject to stricter guidelines.**

    • Adjustable-rate mortgages (ARMs) require a minimum 620 credit score.

    • High-balance loans are allowed. If you're buying a home in a high-cost area, you may qualify for up to $2.5 million in loan funds.

    • A variety of property types are allowed, including single-family residences, 2-4-unit properties, VA-approved condominiums, manufactured homes and properties in Planned Unit Developments (PUDs).

    • Loans are for primary residences only and can’t be used for investment properties.   

* Source: U.S. Census Bureau and U.S. Department of Housing and Urban Development, New Residential Construction,   https://www.census.gov/construction/nrs/pdf/quarterly_sales.pdf
**Borrowers with credit scores from 580 to 619 may only qualify for purchase transactions of one-unit single-family residences. Gift funds and down payment assistance is not allowed. Other restrictions may apply. 

Estimate your monthly payment

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Private Mortgage Insurance typically costs between 0.5% to 1% of the entire loan amount over 80% LTV on an annual basis.

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Your Monthly Payment

$1,512.46

Your Payment

Monthly Principal & Interests : $1145.80

Monthly Real Estate Taxes : $316.67

Monthly Insurance : $66.67

Monthly PMI : $0.00

Total Monthly Payments : $1529.13

Additional Information

Loan To Value Ratio : 80.00%

Months With PMI : 0 months

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