Loan Products

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VA loans are a type of mortgage loan backed by the U.S. Department of Veterans Affairs (VA) designed to help veterans, active-duty service members, and eligible surviving spouses purchase homes. Here are some key features of VA loans:

1. No Down Payment: One of the most significant benefits of VA loans is that they often require no down payment, making home ownership more accessible for eligible borrowers.
2. No Private Mortgage Insurance (PMI): VA loans do not require PMI, even with no down payment, which can lead to lower monthly payments compared to other loan types.
3. Competitive Interest Rates: VA loans often come with lower interest rates compared to conventional loans because they are backed by the government.
4. Flexible Credit Requirements: VA loans generally have more lenient credit score requirements. While specific scores vary by lender, many will accept scores as low as 620.
5. Funding Fee: VA loans come with a funding fee, which helps offset the VA loan program's costs. The fee can be rolled into the loan amount and varies based on the type of service, amount of down payment, and whether it's the borrower's first VA loan.
6. Lifetime Benefit: Eligible service members can use the VA loan benefit multiple times throughout their lives, provided they meet the eligibility conditions.
7. Property Requirements: The property must meet certain standards to ensure it is safe, sound, and sanitary. This includes obtaining a VA appraisal.
8. Assumption of Loan: VA loans can be assumed by another qualified borrower, which can add value when selling the home.