VA HOME LOANS

ABOUT VA LOANS

VA Home Loans are reserved for veterans and active duty service members of the United States Armed Forces, National Guard members, Reservists, and eligible surviving spouses.

Well deserved, VA mortgages provide these brave individuals an outstanding home financing opportunity, including no down payment and no mortgage insurance.


No Down Payment

Perhaps the biggest advantage of the VA Home Loan is the ability to purchase a home with no down payment. With the exception of USDA home financing, the VA Home Loan is the only federal government backed mortgage program that offers 0% down home financing.

The absence of a down payment requirement can save tens of thousands of dollars and years of saving for a home, and no one is more deserving of this advantage than our veterans.

No Monthly Mortgage Insurance

Another advantage of the VA mortgage loan is the absence of monthly mortgage insurance. While the terminology and operation of mortgage insurance varies by program, FHA, USDA, and many conventional loans have it.

Avoiding mortgage insurance is a huge cost savings. For example, the initial mortgage insurance premium payment on a FHA loan would be roughly $135/month on a $200,000 home, after making a 3.5% down payment.

Limited Closing Costs

The Department of Veterans Affairs limits the amount of closing costs that lenders can charge on VA Home Loans.

As a not-for-profit financial institution, our fees are already extremely competitive, but obtaining a VA mortgage is a great way to maximize loan cost savings across the board.

Seller Concessions

Purchasing a home cost money – it’s a reality, even for the low cost opportunity the VA Home Loan presents.

Fortunately, the VA mortgage allows the sellers to pay toward the homebuyers’ closing cost, up to 4% of the home price. Negotiating “seller concessions” is common in many markets.