Thanks once again for helping to see through yet another refinance process. We appreciate all the help you have given us starting so long ago...around 1994 or 1995 I believe. Your help has been an important financial tool we have used to leverage our investment in our house. Thanks for being there for us. I give out your name regularly. Keep in touch.  
Sam & Bobbi K.-Takoma Park, MD.

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Veteran Home Loans (VA loans)

The VA loan product offers many benefits. The borrower can purchase a home for 100% of the purchase price plus roll in up to 6% of the closing costs in the purchase price. Out of pocket expense is typically just the cost of an appraisal.

The credit guidelines for qualifying are a little more lenient than on Conventional loans. The VA loan allows single family home financing as well as manufactured homes.

BENEFITS OF VETERAN HOME LOANS

  • Loans up to $417,000
  • No down payment required when purchasing a home. A VA mortgage loan is guaranteed with no money down for any loan up to $417,000.
  • Market rates for sub par credit. If you have weaker credit, you would likely get a lower rate with a VA loan than a conventional loan, and if you have improved your credit history within the past year, you may qualify for the same low interest rates available to people with good credit.
  • No monthly mortgage insurance. Even with a loan-to-value ratio of 100%, no monthly mortgage insurance is required for a VA home loan (although there is a VA Funding Fee added to the total loan amount, which is like mortgage insurance).
  • Often, VA mortgage loans are assumable.

WHAT WILL I NEED TO GET A VA LOAN?

A Certificate of Eligibility (COE) is needed to qualify. Whether you are a first-time user or you have had a VA loan in the past, you must have a Certificate of Eligibility issued by the VA. Other than the COE, you will need the standard items everyone else applying for a loan needs, such as paystubs, W2's, and bank statements.

ARE THERE ANY FEES FOR A VA MORTGAGE LOAN?

The Department of Veterans Affairs requires a funding fee, which varies from zero to 3.3% of the loan amount, depending on your current veteran status. The funding fee is added into the total loan amount, so the borrower is not required to pay it out of pocket. Because of the funding fee, VA loans do not require monthly mortgage insurance, keeping your monthly payment lower.

Veterans who qualify as 10% disabled or greater as a result of active military service are not required to pay a funding fee. Those who are not exempt from a funding fee may lower their fee by putting money down on their VA home purchase.