A VA loan is a type of government-backed loan that is available for army veterans. The loan is available to veterans through a program that was developed by the Department of Veteran Affairs.

When compared to all other 100% financing home loans, VA Home Loans are the most affordable – both upfront and on a monthly basis. In nearly all cases, a VA Home Loan is the smartest financing option for those eligible.  VA home loans are one of the best and safest methods to use when buying a home. Even active duty personnel can qualify. If you are a Disabled Veteran, you may qualify for additional benefits on a VA home mortgage loan. The VA Home Mortgage Program does not limit the number of times a veteran may use the program.

VA loan refinancing is available to qualified veteran homeowners. Even if you did not obtain a VA loan when you first bought your home, you still have the opportunity to take advantage of the program. 

The VA mortgage loans extend to not only the Army, Navy, Air Force and Marines but also to Reservists and National Guardsmen.

VA loan limits received a massive increase in 2024. The standard VA loan limit in 2024 is $766,550 for most U.S. counties, increasing from $726,200 in 2023.  VA loan limits have also increased for high-cost counties, topping out at $1,149,825 for a single-family home.

VA loan limits do not represent a cap or max loan amount. Veterans with their full entitlement can get as much as a lender is willing to give them without needing a down payment. However, Veterans with one or more active VA loans or who have defaulted on a previous VA loan will encounter the limits, which will in part determine their zero-down buying power.

Benefits of the VA Home Loan are:

• The VA Mortgage Loans is guaranteed for no money down up to $766,550 (up to $1,149,825 for certain counties)
• It is easier to qualify for a VA Loan than a conventional loan
• VA Mortgage Loans can be refinanced (up to 100 Percent of Your Home’s Value)
• No Down Payment When Buying a Home
• No Private Mortgage Insurance (PMI)
• Typically offer lower rates than conventional financing 
• Relaxed Credit Standards

No Money Down Up to $766,550

You do not have to put any money down to qualify for a VA Home Mortgage Loan for up to $766,550. If the seller agrees to pay the closing costs, you may be able to purchase the home with no out of pocket costs. The loan and sales contract can be set up so that the VA Home Mortgage Loan cover 100% of the selling price and the seller covers the closing cost.

The VA Funding Fee

The Veterans Administration assesses a Funding Fee to all VA loans between .5% and 3%.  If you are a Disabled Veteran, you may qualify to get the fee waived completely.  This fee goes directly to the VA to ensure the VA mortgage loan program is in place for future generations of veteran and military home buyers. When you are a VA borrower, you are able to roll the funding fee over into your loan amount, instead of paying out-of-pocket like you would have to with a conventional loan. With all of these advantages in place, many borrowers are able to purchase a home without any money due at closing.  The VA Funding Fee replaces the much higher priced Mortgage Insurance required when you get a conventional home loan.

Assumable VA Mortgage Loans

VA loans are also assumable. If the person assuming the mortgage is a veteran with VA eligibility, the original veteran will not be giving up the amount of eligibility that they used to get the loan at the beginning. Veterans should use great care and closely investigate the terms of an assumption before allowing someone to assume their mortgage. It is too great a benefit to give up.

Qualifying for a VA Mortgage Loan

The VA offers excellent qualifying standards. The VA does not use credit scoring in their analysis of the loan. Even if you have experienced some financial difficulties in your life that caused your scores to be low but have maintained a good payment record over the past year or so, you may qualify for a VA mortgage loan. This can be a tremendous savings compared to the cost of conventional loans when the borrower's credit scores are low.

VA Mortgage Loans may be refinanced

VA mortgage loans have built in features allowing a loan to be refinanced to a lower interest rate without all of the criteria normally associated with a conventional loan. This is called an Interest Rate Reduction Loan; the veteran can secure a lower interest rate without any credit checks, appraisal, and income or asset verification and can roll the costs of the transaction into the loan so there are no out of pocket costs.

A VA cash out refinance allows 

VA Streamline Refinance (IRRRL) Program

Serving Veterans since 2008, we are thankful for our Veterans service and we would like to help you save as much as possible on your home loan.  That is why we offer the best VA Streamline Refinance program in the country!

While most banks and lenders require a 640 minimum credit score, our VA Streamline Refinance program does not require a minimum credit score.  If you've been turned down in the past from other lenders, you should contact us today. 

Our VA Interest Rate Reduction Refinance (IRRRL) program is a government-backed mortgage loan for active duty and prior service veterans who already have an existing VA loan.  It provides a fast, simple, and hassle free way to refinance a current VA loan to a lower rate allowing you to save money.  This is just one of the many VA home loan products our company offers.  Looking to purchase for $0 down or take cash out, we also offer these VA loan options.  To learn more about VA Home Loan options, click here.

Benefits:

- No credit score required for VA Streamline IRRRL
- No Appraisal Required
- No Out of Pocket Expenses
- No Income or Assets Verification
- Defer 2 Mortgage Payments
- Lower Interest Rate and Monthly Payment

In addition to zero down, the VA loan limits closing costs and requires no private mortgage insurance (PMI) or early payoff penalties.

Why a No Appraisal VA Streamline Loan?

It's simple ... $0 DOWN. NO APPRAISAL. NO OUT OF POCKET EXPENSES. LOWER RATE. LOWER PAYMENTS.  SKIP 2 MORTGAGE PAYMENTS.  No minimum credit score required on VA IRRRL

Why do thousands of people using their VA Home Loan benefit every single month?

Simply put... VA home loans are the best overall deal for 100% financing. Allow us to assist you in lowering your monthly payment, lower your interest rate, or purchase a home with $0 down.