1 100% Financing

Today, VA Loans are one of the very few loan programs that do not require a down payment. Most 100% financing programs have disappeared and lenders are now requiring at the very least a 3% - 5% down payment in order to qualify for financing.

Learn More About 100% Financing

2 No Mortgage Insurance Required

With a conventional mortgage, a borrower who does not put at least a 20% down payment is required to pay Private Mortgage Insurance (PMI). With VA Loans, even with no down payment, a VA home buyer does not have to pay for monthly PMI. This can translate into monthly savings of $200 - $400 a month.

Learn More About No Mortgage Insurance Required

3 Reduced Closing Costs

Nobody likes to pay for closing costs. Fortunately for Veterans, a good portion of these costs are waived. Add these up, and Veterans can save roughly $2,000 in closing cost fees that conventional loan borrowers have to pay when buying a home.

Learn More About Reduced Closing Costs

4 Flexible Qualifying Guidelines

In today's market, lenders are increasingly tightening their mortgage guidelines, making it harder for a potential homeowner to qualify for a mortgage. Fortunately for VA eligible borrowers, VA Loans have not gone through this same tightening phase. As a result, you have a greater chance of getting qualified for a VA mortgage than a conventional mortgage.

5 Great Loan Amounts

Current maximum VA Loan amounts (with no down payment) in the Continental US is $417,000. In Hawaii and Alaska you can borrow up to $625,500. In addition, you may qualify for a VA Loan amount up to $1,000,000 if you are willing to make a relatively small down payment (25% of the difference between $625,500 & the purchase price).

6 Easy, Low Cost Refinancing

As a VA mortgage holder, you automatically qualify for a Streamline Refinance, also known as the Interest Rate Reduction Refinance Loan (IRL). In addition, since no appraisal is required and certain closing cost fees cannot be passed on to VA borrowers, VA homeowners will save an additional $1200 - $1500 in closing costs compared to refinancing through a conventional mortgage.

Learn More About Streamline Refinance