VA Loans

A VA loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA). The loan may be issued by qualified lenders. The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses (provided they do not remarry).

We’re here to make the VA home loan process easier, with tools and knowledge that will help guide you along the way, starting with our VA Loan Qualifier.

We’ll help you clearly see differences between loan programs, allowing you to choose the right one for you whether you’re a first-time home buyer or a repeat buyer.

The VA Loan Process

Here’s how our home loan process works:

  • Complete our simple VA Loan Qualifier
  • Receive options based on your unique criteria and scenario
  • Compare mortgage interest rates and terms
  • Choose the offer that best fits your needs
What are some of the disadvantages of a VA loan?
  • You will be required to pay VA funding fees. …
  • Consider the total cost of loan compared to total cost of house. …
  • Manufactured homes may require a minimum down payment and may not be eligible for a 30-year term.
  • You cannot use a VA loan for rental properties.

There is no maximum or limit on how many times you can use a VA loan. You can use a VA loan once, twice, three times or seven. As long as you have remaining entitlement, you typically always have the option to obtain another VA loan. Veterans United has even worked with a handful of Veterans on their 9th VA loan.

One key difference is that VA loans often require no down payment, whereas conventional loans may require a significant down payment. Additionally, VA loans usually have more favorable terms, such as lower interest rates and no private mortgage insurance (PMI) requirement. VA loans are exclusively available to eligible military personnel and veterans.

Yes, VA loans can be used for both purchasing a home and refinancing an existing mortgage. The VA offers several refinancing options, including the Interest Rate Reduction Refinance Loan (IRRRL) and the Cash-Out Refinance, which allows eligible borrowers to refinance and take cash out of their home equity.

VA loans can be used to finance a variety of property types, including single-family homes, condominiums, and multi-unit properties (up to four units). The property must be the primary residence of the borrower. Additionally, the property should meet certain safety and livability standards as determined by the VA.

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