skip to Main Content

What is a VA loan?

The United States Department of Services helps Service members, Veterans, and eligible surviving spouses become homeowners and offer great incentives.  As part of the Veterans Administration (VA) mission to serve veterans, the VA provides a home guaranty benefit as well as other housing-related programs to help veterans buy, build, repair, retain, or adapt a home for their own primary residence.

A VA loan is a mortgage loan that is guaranteed by the US Department of Veteran Affairs (VA).   VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms.  If you are a veteran and do not have a VA loan it is definitely worth your while to look into what benefits you have.  Thank you for serving our country.  Now it’s the country’s turn to help you.  There are excellent mortgage programs available for Veterans.  You can purchase a property with 0% Down payment and get a very low competitive interest rate so that your payment will be affordable.  Also VA loans don’t have monthly mortgage insurance premiums, you save money there too.  You can also refinance your loan into a VA loan if your loan is not currently a VA loan and you are a veteran.  There is an interest rate reduction refinance loan program (IRRRL) also called the Streamline Refinance loan which allows you to refinance your VA loan and get into a lower rate, as long of course there is a tangible benefit.  With any refinance the amount you are saving per month has to makes sense to move forward with the process.  There is also a Native American Direct Loan (NADL) Program which enables Native American Veterans get a purchase money loan, construction, or to make improvements to their home on Federal Trust Land.  VA also helps veterans with permanent and total service-connected disability purchase OR they help with the loan to build an adapted home OR to modify an existing home to help the veteran with their disability and improve their lifestyle.

The rates tend to be lower for Veteran’s overall.  The minimum fico score to qualify is 620.  You can check your credit score by going on   You can also pull cash out up to 90% loan to value.  VA loans do not have any prepayment penalties which means you can pay off your loan at any time without incurring a penalty.  The VA will only guarantee one loan per veteran but if you sell or pay off your existing VA loan and want to move you may be eligible to apply for another one.  The loans are only for the owner occupied residence of the veteran.   The VA loan would always need to be in first position meaning, VA doesn’t offer 2nd liens.   Since VA loans are typically 100% financing you only need one loan.

If  you are a veteran and have questions call me 818-565-6212   Or fill in the attached form and I will get right back to you.

Back To Top