VA Loan

VA loans are not lent by but guaranteed or insured by the U.S. Department of Veterans Affairs (VA). They are a part of the benefits laid forth by the 1944 G.I. Bill of Rights and were instituted to provide affordable, comfortable housing with low maintenance terms to our servicemen and women and their families.   


Generally, the following people are eligible: 

        Veterans who meet the length of service requirementsService members on active duty who have served a minimum periodCertain Reservists and National Guard membersCertain surviving spouses of deceased Veterans

Note: There are other groups of individuals who may be eligible. To determine your eligibility, check eBenefits at, or contact VA Eligibility Center at 1-888-768-2132.

Advantages of a VA Loan:

Remember that VA loans were created to help veterans transition into better housing, and so VA loans come with a range of benefits unheard of in other home financing programs:

             Minimum qualifying credit of 620 Equal opportunity for all qualified veterans to obtain a VA loanNo down payment (read more about zero down payment)No mortgage insurance (MI)One time VA funding fee that can be included in the loan (Veterans receiving VA disability compensation are exempt from the VA funding fee, typically 2.30%-3.6% for eligible borrowers using the no down payment option)VA limits certain closing costs a veteran can payCan be transferred to qualified persons; the loan is assumableMinimum property requirements to ensure the property is safe, sanitary, and soundVA staff dedicated to assisting veterans who become delinquent on their loanReusable: you may receive more than one VA loan, just not at the same time 

VA Loan Programs:

VA Streamline, also called Interest Rate Reduction Refinance Loan (VA IRRRL)

Streamline refinances allow veterans with existing VA loans to modify their terms and lower their rate without a home appraisal and less paperwork than required by a typical refinance.

VA Cash-Out Refinance

VA Cash-Out refinances allow veterans to refinance into a VA loan if they did not already have one, as well as refinance their existing VA loan. The Cash-Out option allows them to both refinance and take cash out of their home equity.