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The Power of Good Advice

  • Writer's pictureGabriel Huerta

VA Loans Generals

VA Loans

A VA loan is a mortgage loan guaranteed by the United States Department of Veterans Affairs (VA). The basic intention of the VA home loan program is to supply home financing to eligible veterans and to help veterans purchase properties with no or very little down payment.


Most members of the regular military, veterans, reservists and National Guard are eligible to apply for a VA loan. Spouses of military members who lost their lives while on active duty or as a result of a service-connected disability also can apply

Advantages of a VA loan

  • No down payment required on eligible loans

  • No closing cost

  • No appraisal fee

  • No private mortgage insurance ( PMI)

  • Fixed and Adjustable loans

  • Ability to finance the VA funding fee

Funding fee….good to know

There’s a one-time funding fee that varies, depending on the down payment and the type of veteran. A borrower in the armed forces getting a VA loan for the first time, with no money down, would pay a fee of 2.15 percent of the loan amount. The fee is reduced to 1.25 percent of the loan amount if the borrower makes a down payment of 10 percent or more. Reservists and National Guard members normally pay about a quarter of a percentage point more in fees than active-duty members pay

Funding fee….good to know

  • The VA does not require a certain credit score for a VA loan

  • VA guidelines allow veterans to use their home-loan benefits a year or two after bankruptcy or foreclosure VA loans are available only to finance a primary home

Call us to learn more (888)848-6065


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