Features:

• Broad qualification requirements
• No down payment on most purchase loans²
• Lower closing cost limits
• Lower interest rates than most conventional loans
• Allows broader range of income, debt, and credit history than conventional mortgages
• No private mortgage insurance or upfront mortgage insurance
• 1-4 unit homes, VA-approved condominiums, manufactured homes
• Requires a funding fee between 1.25% and 3.3% paid at closing (may be rolled into the total loan amount) 
• Only available to purchase or refinance a primary residence 

Who Should Use a VA Loan?

VA Loans allow veterans to borrow at a competitive rate without a large down payment or monthly mortgage insurance, and with less stringent credit requirements. To be eligible for a VA loan, veterans, service members who are in active duty, National Guard members, and reservists must meet a set of basic requirements that have been determined by the U.S. Department of Veterans Affairs. The program benefits have also been extended to the spouses of military members who died while on active duty or suffered a disability while in service.

You may be eligible if you meet one of the following critieria: 

• Service totaling 181 days or more of active service during peacetime
• Service totaling 90 consecutive days or more of active service during wartime
• Service totaling 6 years or more in the National Guard or Reserves, or served 90 days (at least 30 of them consecutively) under Title 32 orders 
• Suffered a service-connected disability 
• You are the spouse of a military member who died while on active duty from a service-connected cause. 

If you don't meet these requirements you may still be eligible, depending on your discharge type. Speak with a Loan Consultant about your situation to see if you may still qualify.