How to Get A VA Mortgage Loan

The VA loan is a $0 down mortgage option available to Veterans, Service Members and select military spouses.

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VA loans are issued by private lenders, such as a mortgage company or bank, and guaranteed by the U.S. Department of Veterans Affairs (VA).

Different VA Loan Types

VA purchase loan

The VA’s standard new purchase loan allows veterans and military members to buy a home without a down payment.

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VA cash out refinance loans

These loans allow you to access up to 100% of your home’s equity. Maybe you’d like to pay off credit card debt.

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VA IRRRL

IRRRL stands for “interest rate reduction refinance loan,” and it’s more commonly known as a “VA streamline” refinance. You don’t need to provide income.

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VA renovation

In April 2018, the VA updated its repair purchase and refinance loan program to allow you to update a house that you own.

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If you're thinking of buying a home, we can help by asking you just a few questions

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Start with your zip code to compare VA Purchase Loan mortgage options

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Start with your zip code to compare VA Renovation mortgage options

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Very helpful fully explaining the different plans. Cash value is accessed via policy loans, which accrue interest and reduce cash value our valuable items.

Maria Marlin Retired Govt Officer, ON, Canada
Client Logo

Very helpful fully explaining the different plans. Cash value is accessed via policy loans, which accrue interest and reduce cash value our valuable items.

Maria Marlin Retired Govt Officer, ON, Canada

Most loan programs require at least a three to four year waiting period for you to get another loan after you’ve had a major credit event like a bankruptcy or foreclosure. The VA only requires two years.

Conventional and FHA loan programs require that you pay monthly for mortgage insurance to protect them if you default on your loan. The VA instead charges a flat fee that starts at 2.15% if you don’t make a down payment. The cost is added into your loan amount.

It’s not uncommon for members of the military to be relocated on a moment’s notice. There may not be enough time to sell your home before you need to buy a new one. Or home values in your area may have dropped to the point where it makes more sense to keep the house and rent it, rather than sell it at a loss. In these cases, a veteran has something called “second tier eligibility” which allows for 0% down financing for another home, without having to pay off the VA loan on your other property.

If you bought your home with zero down, you may not have enough equity to take any cash out if there are home improvements you need to make. Or you might be purchasing a home that needs some fixing up so that it meets the VA’s guidelines. A VA renovation loan will allow you borrow up to 100% of the “after-improved” value of the home, which means you might be able to get the work done without having to take out a personal loan or use a credit card.

The VA recognizes that many veterans have disabilities related to their service in the military that may affect their quality of life and ability to be in the civilian workforce. To alleviate some of the financial pressures that may cause, the VA may waive the funding fee on your mortgage with proof of your disability rating.

If you got a very low interest rate on your mortgage, you may be able to entice a new buyer to purchase your home by offering to let them assume your mortgage. Be careful with this, though: Your eligibility to take out another VA loan won’t be restored unless the buyer is an eligible veteran too.

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