Veterans Administration Loans (VA Loans)
Veterans Administration loans were created to help veterans finance the purchase of their homes with favorable loan terms. For the purpose of the VA program, “veteran” includes active duty service personnel and certain categories of spouses. Like FHA loans, the federal government insures VA loans, or guarantees VA approved lending institutions against loss from default on qualifying loans. To receive an approximation of what your loan may be, use our VA loan calculator by clicking on Calculate Your Payment below.
*The calculator does not include the VA funding fee, which varies depending upon a number of factors. To find out your funding fee, contact us to talk to a mortgage specialist.
Programs and Features:
- Fixed Rate Loans and Temporary Buy-downs
- Available for detached 1-unit dwellings, eligible condos and PUD's
- Properties must meet VA guidelines and be inspected by VA-approved appraisers
- Subject to loan limit set by VA, currently $240,000
- One time mortgage insurance fee of 2% is typically charged, which may be financed if the total loan amount does not exceed $240,000
- No prepayment penalty
- No reserve requirements at closing
- No down payment required
- Out-of-pocket expenses may be gifted, typically from relatives
- Only eligible veterans and their spouses occupying the subject property may be co-borrowers or co-signers
- Seller may contribute a maximum of 6% of the lower of the sales price or the appraised value