VA Loans

• You can buy a home with no money down (up to conforming loan limits).
• You never have to pay PMI (Private Mortgage Insurance).
• Sellers can pay your closing costs.
• They are usually easier to to qualify for because the Government insures the loan.
• If you already have a VA Loan you might be eligible for a VA Streamline Refinance.
• Disabled Veterans may qualify for a waiver of the Funding Fee if they receive any disability payments from the VA or if they are considered to be at least 10% disabled.

Who is eligible for a VA Loan?

As a rule of thumb, almost all active duty or honorably discharged service members are eligible for a VA loan.

You may be eligible for a VA loan if any one of these statements describes you:

• I served 181 days during peacetime. (Active Duty)
• I served 90 days during wartime. (Active Duty)
• I served 6 years in the Reserves or National Guard.
• I am the spouse of service member who was killed in the line of duty.
• I currently receive disability payments from the VA.

What is the VA Funding Fee and is it required?

Yes, it is required. It is a fee paid directly to the Department of Veteran's Affairs so that they can guarantee your loan and provide you with the opportunity to receive a loan with little to no money out of pocket.

How much is the VA Funding Fee?

It depends on several factors including: Whether you are Active Duty, Retired, Guard or Reserve and whether you this is a first time use, subsequent use, or a cash-out refinance as well as how much of a down payment you are putting down. The fee can range from 2.15% of the loan amount for 1st time users and 3.3% for borrowers with previous VA loans. For those with a down payment of 5% to 9%, the funding fee is 1.5%.  Please contact us and we will help you to determine how what the exact cost of the VA Funding Fee would be for your particular situation.

Check to see if you qualify for a VA Loan: