Mortgage Loan Options

A VA loan, guaranteed by the U.S. Department of Veterans Affairs, is a mortgage program designed to support eligible active-duty service members, veterans, and their families in achieving the dream of homeownership. VA loans offer unique benefits, including no down payment requirements and competitive interest rates, making them one of the most attractive loan options available.

• No Down Payment Required With a VA loan, you can purchase a home without needing to save for a down payment, allowing you to keep your savings for other priorities. • No Private Mortgage Insurance (PMI) Unlike conventional loans, VA loans do not require PMI, which saves you money on your monthly mortgage payments. • Competitive Interest Rates VA loans often feature lower interest rates compared to other loan types, helping to make homeownership more affordable. • Flexible Credit Requirements VA loans are more forgiving with credit scores, making it easier for borrowers with less-than-perfect credit to qualify. • Lower Closing Costs The VA limits the closing costs a lender can charge, reducing your upfront expenses. • Lenient Debt-to-Income (DTI) Ratios VA loans allow for higher DTI ratios, enabling borrowers with existing debts to qualify more easily. • Funding Fee Options While a VA funding fee is required, it can often be rolled into the loan amount, reducing your out-of-pocket costs at closing. • Assumable Loans VA loans are assumable, allowing a future buyer to take over your loan under the same terms, which can be a selling advantage. • Support for Refinancing VA loans offer streamlined refinancing options like the Interest Rate Reduction Refinance Loan (IRRRL) to help lower your rate or adjust terms with minimal hassle.

VA loans are available to: • Veterans who meet specific service requirements • Active-duty service members • Certain members of the National Guard and Reserves • Eligible surviving spouses of veterans

A VA loan is a powerful tool to help those who have served our country achieve homeownership. With no down payment, lower costs, and flexible requirements, it’s a fitting reward for your service and sacrifice. Whether buying your first home or refinancing, VA loans make the process straightforward and affordable.