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Home loans that honor your service

VA Home Loans

Veterans Deserve
Home Ownership

Individuals who serve in the United States military and work to protect the country and its citizens sacrifice a great deal. They spend time away from their family, work around the clock (often in horrendous conditions), and risk their lives regularly.

To give back to these individuals, the US Department of Veteran Affairs has developed the VA home loans program, a program designed to make home ownership more affordable. This VA home loans guarantee program may be used to buy or build a home, repair an existing one, retain a home, or adapt it for personal occupancy. Private lenders provide these loans while the VA guarantees a percentage of the loan, allowing the borrower to obtain more favorable terms.

Features of a
VA Home Loan

Like any other type of loan, there are requirements borrowers must meet to be approved for a VA Loan:

Borrowers may choose from fixed rate loans or may opt for an adjustable-rate mortgage.
Jumbo loans are offered for those wishing to buy a more expensive residence.
Those looking to obtain cash from a refinance loan may be able to do so.
Individuals may refinance the value of their primary home.
The refinance process has been streamlined, and borrowers find there are flexible documentation requirements and a reduced funding fee when they currently have a VA loan.
Primary homes may be purchased with no down payment, and there is no private mortgage insurance required.

The Benefits of VA Loans

Federal Housing Administration (FHA) Financing provides a safe and affordable loan option for homeowners.

Veterans, military members, and surviving spouses of veterans qualify for VA loans
Fast approval and minimal red tape
VA loans may be used for purchasing a home or refinancing an existing residence
There is no down payment required with a loan of this type
The interest rates are extremely competitive
No private mortgage insurance is required
The loan may be used for other purposes, such as paying off debt or funding education

A variety of VA loan programs are offered, depending on the needs of the borrower. The purchase loan is the one most individuals are aware of, but the VA also offers an Interest Rate Reduction Refinance Loan, one that allows a borrower to obtain a lower rate of interest by refinancing their current VA loan. The Native American Direct Loan program is offered to Native Americans wishing to purchase, build or improve on a home that is on Federal Trust Land, and this program may also be used to reduce the borrower’s current interest rate. An adaptive Housing Grant is available to individuals who have a service-related disability, one that is permanent and total, so the individual can purchase or build a home that accounts for their disability or modify an existing residence for this purpose. Other resources are also offered through the program, including property tax reductions for some who have served.

Eligibility

Many factors play a role in whether an individual is eligible for a VA Home loan. The service commitment or length of service is considered, with the character of service and duty status being others. Purchase loan or refinance loans are available to those who plan to occupy the residence. A spouse or dependent of an active-duty service member may also apply for this type of loan. Borrowers must have satisfactory credit, enough income to meet the monthly payments, and a valid Certificate of Eligibility, or COE.

Secure your Family’s Future

At Fellowship Home Loans, we’re honored to support those who have served our country by making the VA loan process simple, transparent, and tailored to your needs. Whether you’re purchasing your first home, refinancing, or exploring your options, our experienced team is here to guide you every step of the way. Let us help you turn the benefits you’ve earned into a home you’ll love. Contact us today to get started!

Featured Highlights of
VA Home Loans:

No Down Payment

VA loans often don’t require a down payment, making homeownership accessible.

Lower Interest Rates

Backed by the government, these loans typically offer more favorable rates than conventional loans.

Special Benefits for Disabled Veterans

From funding fee exemptions to special housing grants, disabled veterans receive additional advantages.

Featured Highlights of
VA Home Loans:

No Down Payment

VA loans often don’t require a down payment, making homeownership accessible.

Lower Interest Rates

Backed by the government, these loans typically offer more favorable rates than conventional loans.

Special Benefits for Disabled Veterans

From funding fee exemptions to special housing grants, disabled veterans receive additional advantages.

Types of VA Loans:

VA Home Purchase Loan: Standard mortgage backed by the VA.
VA Jumbo Loan: Exceeds the conforming loan limits.
VA Renovation Loan: Combines home purchase and renovation costs.
VA Cash-Out Refinance: Converts home equity into cash.
VA Rate/Term Refinance: For non-VA loan holders looking to refinance for a better rate or term.
VA Interest Rate Reduction Refinance Loan (IRRRL): A refinance option for current VA loan holders seeking to reduce their monthly payments or interest rates.
WHAT IS A VA LOAN?


A VA loan is a mortgage option backed by the U.S. Department of Veterans Affairs. It is designed to help eligible veterans, active service members, and qualified surviving spouses purchase or refinance a home.

DO I NEED A DOWN PAYMENT FOR A VA LOAN?

In most cases, VA loans don’t require a down payment. This is one of their major advantages over conventional loans.

WHAT IS CERTIFICATE OF ELIGIBILITY(COE) AND WHY DO I NEED IT?

A COE is proof that you meet the initial eligibility criteria for a VA loan based on your military service. Lenders require this certificate before approving a VA loan.

CAN I GET A VA LOAN WITH LOW CREDIT SCORE?


Yes, VA loans often have more lenient credit requirements than conventional loans. Be sure to contact your FHL Loan Officer for more specific program guidelines for VA Loans.

WHAT ARE PROPERTY REQUIREMENTS OF A VA LOAN?

The VA requires that homes purchased with a VA loan must meet their Minimum Property Requirements, ensuring they are structurally sound, safe, and sanitary for the buyer’s primary residence.

WHAT THE DIFFERENCE BETWEEN VA LOAN AND CONVENTIONAL LOAN?

A VA loan is government-backed and offers benefits like no down payment, lower interest rates, and no PMI. Conventional loans do not have government backing and frequently come with more stringent eligibility criteria and requirements.

CAN I REFINANCE WITH A VA LOAN?

Absolutely! There are specific VA refinancing options available, like the VA Streamline Refinance (IRRRL) and the VA Cash-Out Refinance.

DO A VA LOANS REQUIRES MORTGAGE INSURANCE?

No, one of the significant benefits of VA loans is that they don’t require Private Mortgage Insurance (PMI).

CAN I USE A VA LOAN MORE THAN ONCE?

Yes, you can reuse your VA loan benefits if you have paid off your previous VA loan OR if the previous home was sold and the VA loan was paid off.

WHAT IS THE VA FUNDING FEE?

The VA funding fee is a single payment designed to help offset the overall cost of the loan to taxpayers. The specific amount varies depending on factors such as the type of loan, the down payment made, and whether the borrower has previously utilized a VA loan.

I’M A RESERVIST. DO I QUALIFY FOR A VA LOAN?

Yes, members of the National Guard and Reserves can qualify for a VA loan, but eligibility criteria based on service duration and type may differ from active-duty personnel.

Final Thoughts on VA Loans

The VA loan, with its myriad benefits, represents a nation’s tribute to its protectors. Providing prospective homeowners with the opportunity to acquire a home without a down payment, benefit from reduced interest rates, and gain additional advantages for those with disabilities, the VA loan is a valuable tool that can turn the dream of homeownership into a reality for many who have served our country. If you’re considering this route, National Mortgage Bankers is ready to guide you through the process.


Ready to learn more about Home Loan Refinancing or explore your options? Get started today!*

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*All product information represented on this page is subject product guidelines and can change at anytime. It is for educational and informational purposes only and not a commitment to lend. Please contact Cornerstone Choice Loans today to get the latest product guidelines and guidance on what loan programs fit your unique financial picture and goals.