Loan Options
VA loans, explained.
If you have served in the military, a VA loan is one of the most valuable homebuying benefits available to you. VA loans are designed for eligible service members, veterans, and certain surviving spouses. Many qualified borrowers can purchase with no down payment, competitive interest rates, and no monthly mortgage insurance.
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Serving Utah, Florida, Idaho, Pennsylvania, and Texas.
How VA loans work.
A VA loan carries advantages no other program matches.
Up to 100% Financing
No down payment for eligible borrowers. You can put money down if you choose. It is not required.
No Monthly Mortgage Insurance
No PMI, ever. VA loans do not charge monthly private mortgage insurance.
Flexible Rate Options
Fixed and adjustable choices. Fixed rate terms include 30, 25, 20, and 15 year options. Adjustable rate mortgages are also available.
Built for Your Next Move Too
Jumbo and streamline options exist. Jumbo VA loan programs are available in many areas, and VA Streamline Refinance options serve current VA homeowners. There are no prepayment penalties, and the benefit is backed by the U.S. Department of Veterans Affairs.
The VA loan process.
It works much like any other home purchase, with one added protection.
You make an offer, then complete the approval process with a lender. That part is the same as any other loan.
The VA requires the home to meet property and safety standards. A VA appraisal helps confirm the home's value and ensures it meets basic habitability requirements. If repairs are identified, they typically must be completed before closing. This does not prevent buyers from using a VA loan. It simply ensures the home is safe and suitable for long term ownership. Limited renovation options may also be available through certain VA programs.
Who can qualify.
VA loans are available to those who have served, and to some spouses.
- Active duty service members.
- Military veterans.
- Eligible National Guard and Reserve members.
- Certain surviving spouses of service members.
Eligibility is confirmed through a Certificate of Eligibility. The COE shows your lender that you have earned the benefit.
Best fit for a VA loan.
- You want to purchase with little or no down payment.
- You prefer to avoid monthly mortgage insurance.
- You earned VA loan eligibility through military service.
- You want flexible qualification guidelines.
Your benefit can be reused. Eligible borrowers may use the VA program multiple times throughout their lives.
Costs associated with VA loans.
One upfront fee replaces monthly mortgage insurance.
VA loans include an upfront VA Funding Fee. It helps keep the program available without monthly mortgage insurance. Funding fees typically range from 1.4% to 3.6% of the loan amount. The fee can often be financed into the loan. Veterans receiving VA disability benefits are typically exempt.
Plan for closing expenses as well. Sellers are allowed to pay certain closing costs, but they are not required to. Buyers may still need funds for closing expenses or an earnest money deposit.
One limit worth knowing. VA loans do not have a strict borrowing cap, but lenders consider VA entitlement limits when they set loan amounts. These limits vary by county and housing market conditions.
LenditHome Powered By Alpha Home Lending, Inc. is not affiliated with or acting on behalf of or at the direction of FHA, VA, USDA or the Federal Government.
Want to see if you qualify for a VA loan?
Every situation is unique. Run a quick scenario, explore VA loan options, and compare programs in just a few minutes.
Check If You QualifyPrefer to talk? Call Austin at (208) 821-0687.