VA Home Loan
If you have served, this is almost always the best loan available to you. No down payment, no monthly mortgage insurance, and underwriting that looks at your real situation rather than a ratio.
In plain language
The Department of Veterans Affairs guarantees part of the loan, which is why a lender will finance the full purchase price with nothing down and no monthly mortgage insurance.
There is a one time funding fee, usually financed into the loan, and it is waived entirely for veterans receiving compensation for a service connected disability.
This is probably you if
- You are an active duty service member, a veteran, or a National Guard or Reserve member who meets the service requirement
- You are a surviving spouse who has not remarried
- You want to keep your savings rather than hand them over as a down payment
Three steps, in order
- We pull your Certificate of Eligibility, which usually takes minutes rather than days.
- We look at residual income, the money left after your obligations, which is how VA really underwrites. The 41 percent debt-to-income figure is a guideline, not a wall.
- You close with no down payment and no monthly mortgage insurance in the payment.
What people ask me
Yes. The entitlement is restored once a previous VA loan is paid off, and in some cases you can hold two VA loans at the same time. It is not a one use benefit, and a lot of veterans are told otherwise.
It is waived for veterans receiving compensation for a service connected disability, and for some surviving spouses. Everyone else pays it, but it is almost always financed rather than paid at closing.
Some agents still believe VA loans are slow or fragile. They are not, and a well documented VA file closes as reliably as any other. Part of my job is making sure your offer is presented so that story never comes up.
Worth a look while you are here
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One payment, one rate, for the whole loan. The default for a reason.
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Buy the house and fund the work in one loan, at mortgage terms.
Read moreThink VA Home Loan might be the one
Let us confirm it against your actual numbers before you fall in love with a house.