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VA Loan Benefits

No Down Payment Required

No down payment is required with full VA loan entitlement. Conventional loan products typically require at least 3% down with anything less than 20% down requiring mortgage insurance. FHA loans require at least 3.5% down and always require mortgage insurance.

No Loan Limit

That’s right! There is no loan limit for Veterans with full entitlement. Your lender will qualify you based on income, credit, and assets.

Competitive Terms & Rates

VA Loan interest rates are often lower than market average. This can save you thousands of dollars over the course of your loan.

VA Loan Benefits

Fewer Closing Costs & no PMI

  • VA loans protect Veteran interests and place restrictions on fees lenders can charge borrowers
  • There is no private mortgage insurance requirement
  • VA allows sellers to pay up to 4% concessions plus closing costs of the loan amount as seller-paid costs

Flexible Credit & Underwriting

  • There is no minimum credit score required
  • Lenders may qualify you with a FICO score of at least 620, some lenders accept scores of at least 500
  • Qualifying for a VA loan isn’t solely based on FICO score, but also debt-to-income ratio (DTI) and residual income requirements

Variety of Loan Options

  • Standard purchase loan
  • Interest rate reduction refinance loan
  • Cash-out Refinance loan
  • VA One-time close construction loan
  • Native American Direct Loan (NADL) program

The benefits of using your VA loan outshine other comparative mortgage loan products. A VA loan provides an opportunity for all types of veterans to gain home ownership and is a benefit you earned sacrificing for your country. While VA provides the guidelines for a VA loan, each lender may have varying standards for loan approval.