What is a VA Mortgage Loan?
VA loans are specialized home loans backed by the U.S. Department of Veterans Affairs. They are designed exclusively to help veterans, active-duty service members, and eligible surviving spouses achieve homeownership with incredible benefits.
Talk Through My OptionsVA Loan Highlights
The VA loan program is arguably the most powerful home financing tool available on the market today. It was created to reward our military members with accessible, affordable home financing. Key benefits include:
Important VA Loan Concepts
Certificate of Eligibility (COE): To get a VA loan, you need a COE to prove to lenders that you meet the military service requirements. You can apply for this through the VA eBenefits portal, or as your mortgage advisor, we can often pull it for you electronically in minutes.
The VA Funding Fee: While VA loans don't have PMI, they do have a one-time "Funding Fee" that goes directly to the VA to keep the program running for future generations. This fee varies based on your down payment and whether it's your first time using a VA loan. Most borrowers simply roll this fee into their total loan amount. Note: Veterans receiving VA compensation for a service-connected disability are typically exempt from this fee.
VA Mortgage FAQs
If you don't meet the military service requirements for a VA loan, you might consider exploring Conventional Loans as an alternative, and you can always estimate your potential costs using our Mortgage Payment Calculator.
Ready to use your VA benefits?
Thank you for your service. We're honored to help you navigate your home loan options and maximize your VA benefits.
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