VA Loans aka Veterans Affairs

VA loans are guaranteed loans made by private lenders, such as banks, savings & loans, or mortgage companies to eligible veterans for the purchase of a home which must be for their own personal occupancy.

The VA loan program was part of the GI Bill which was signed into law by President Franklin D. Roosevelt.  This feature was designed to provide housing and assistance for veterans and their families.  Veterans must qualify, for they are not automatically eligible for the program.

VA financing is on the rise, but is still under-utilized.  Only an estimated 5% of U.S. Veterans and qualified military personnel have used their home loan benefits.  The VA program allows for no down payment required up to county limits.  There is no monthly Mortgage insurance which helps to qualify for larger loans.  This program also allows 100% of the gift funds.

Although there is no monthly mortgage insurance on a VA loan, the veteran does have a one-time Funding Fee.  In some instances this fee can be waived, but this fee is most commonly financed into the loan over and above the appraised value price.

The veteran may pay up to 1% in charges that were previously known as “non-allowables”.

Borrowers must occupy the property.  No investment or second home purchases are allowed.  VA borrowers may own other property, as long as the subject property will be owner occupied.

If you have any specific questions concerning your VA status, please see your local VA or visit:

We are always happy to help our veterans with new purchases or refinances of their existing VA loans.

Please call us to see how we can help you today!