Home Loans That Honor Your Service

What Is A VA Loan?

VA Home Loans are one of the best options for Veterans and active military looking to purchase their first home. Veterans and active military members can obtain a VA loan by meeting requirements set by the Department of Veterans Affairs. The VA loan comes with a low-interest rate and a 30-year fixed rate. There are no closing costs and no prepayment penalties. VA loans are available for both new and resale homes.

VA loans are also available to all those who have served in the U.S. military, including members of the National Guard or Reserves. The VA loan is a great option for veterans looking to purchase their first home, or for active military members who want to purchase a home before they retire.

Comparing VA Loans to Traditional Mortgages

Veterans, active-duty military members, and their families have access to this special loan program that is extremely accessible and easy to use. Let’s see how VA Loans compare to Conventional home loans.

VA LOANS

0% Down (for qualified borrowers)
VA loans are one of the very few 0% down home loans available today.

No Private Mortgage Insurance
With VA loans being backed by the US government, banks do not require you to have Private Mortgage Insurance (PMI).

Competitive Interest Rates
VA loans have the lowest average fixed interest rate on the market for more than five years in a row, according to data from Ellie Mae.

Easier Qualification Criteria
The VA loan is a hard-earned benefit created to expand access to homeownership for Veterans and service members. Less stringent and less complex underwriting guidelines are a hallmark of the program.

CONVENTIONAL LOANS

Up To 20% Down Required
Many people want to buy a home, but do not have enough money saved. Conventional loans require a down payment of a large percentage, making them unaffordable for many.

Private Mortgage Insurance May Be Required
Private mortgage insurance, or PMI, is an additional expense that the borrower has to pay so that the bank will finance a larger amount of the home’s value.

Low Rates May Come At A Cost
Having a high credit score is important if you want to secure the best mortgage rates. With VA loans, Veterans have access to low rates without the need for sky-high credit.

Typical Qualification Procedures
Conventional mortgage options often require higher credit scores and down payment requirements than VA loans. It may also require stricter underwriting guidelines.