Home loans designed with freedom in mind

The VA Loan Goal: Make Homeownership Affordable

• Zero down payment required
• 100% financing available
• Lower average interest rates
• No private mortgage insurance required 

Understand Your VA Loan Entitlement

All VA Loans are backed by the U.S. Government through a VA Entitlement. This Entitlement makes it easier for you to qualify for a loan because it represents the amount that the government would pay to the lender if you were to default - it's like government-sponsored loan insurance that you get automatically for dedicating your service to our country. You can use it for refinancing your current mortgage or purchasing a new home.

Who qualifies for a VA Loan?

VA Loans provide special (lifetime!) benefits to eligible servicemembers and their families, including:

• Veterans
• Active servicemembers
• National Guard
• Reservists
• Spouses

VA Loan Requirements

Service Requirements

Here are some in-depth service requirements as listed by the U.S. Department of Veterans Affairs. Below is an abbreviated version.  

• Served 90 consecutive days of active service during wartime
• Served 181 days of active service during peacetime
• Served more than six years with the National Guard or Reserves (or 90 days under Title 32 with at least 30 of those days being consecutive)

There are also VA loan programs for surviving spouses of a servicemember who died in the line of duty or from a service-related disability.

Income Requirements

The application process works similarly to a conventional home loan. Although the VA home loan program doesn’t have income maximums, your mortgage lender will review your personal income to determine what monthly payment you can afford.

Generally, lenders require 24 months of consecutive employment, preferably within the same company or industry.

Supporting documentation that you will need to provide includes:

• Tax returns and W-2s from the past two years
• Most recent paycheck stubs
• Recent statements for checking accounts, savings accounts, retirement accounts, and other investments
• Driver’s license

Those that are self-employed must provide two years of business tax returns and a current Profit and Loss statement.

The Pros of VA Loans:

• No down payment
• No private mortgage insurance (PMI)
• Higher allowable debt-to-income (DTI) ratio

The Cons of VA Loans:

• A mandatory Veterans Administration funding fee charged by the VA
• Intended for primary residences only
• Not all real estate agents are familiar with this mortgage type