For active service members, veterans and eligible surviving spouses, the path to homeownership may be more straightforward with a VA home loan. These government loans are considered a major benefit of serving in the U.S. military and honor the sacrifices of our proud men and women.
VA Home Loans
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Beat Other Homebuyers Stuck on the Sidelines
Apply now as mortgage rates fall! We’re here to help you meet your homeownership goals—like buying your first or next home, or lowering your current interest rate and payments or accessing cash by refinancing. We also prioritize speed for our clients, with an average turnaround of only 21 days from application completed to ready to close for purchase loans!1
What is a VA Home Loan?
A VA home loan is a government loan backed by the Department of Veterans Affairs. Because the VA guarantees a portion of these loans, we can offer them without requiring a down payment. Plus, borrowers may enjoy lower interest rates on VA mortgages than other types of home loans.
How do VA Home Loans Work?
Many people mistakenly believe that the Department of Veterans Affairs issues VA home loans. It doesn’t–however, the VA does determine who is eligible for these loans, as well as which private lenders can qualify to issue them.
VA home loans are considered non-conforming loans and have additional requirements than traditional conforming loans. And unlike many other types of home loans, VA home loans never require monthly mortgage insurance. It’s easy to see why they’re considered a major benefit of serving in the armed forces.
VA Home Loan Eligibility
One of the most important things to know about VA home loans is that they’re only available to active duty service members, veterans, and eligible surviving spouses.
Not everyone who has served in the armed forces qualifies, and you must meet certain criteria set by the Department of Veterans Affairs. For example, VA loan eligibility requirements for National Guard and Reserve members differ slightly. Spouses of service members who lost their lives in the line of duty or passed away in connection with a service-connected disability may qualify for a VA loan. However, some restrictions apply.
In short, requirements for a VA home loan can vary greatly. We recommend checking the Department of Veterans Affairs website for the most current information.
Loan Amounts
Loan amounts vary, but if your entitlement (the dollar amount the VA guarantees on your loan) is full, you don’t have a loan limit.
Interest Rates
Because they’re backed by the Department of Veterans Affairs, VA home loans typically come with lower interest rates as a benefit.
Repayment Terms
Standard loan term is 30 years.
No Down Payment
As long as the home’s sale price isn’t higher than its appraised value, you don’t have to make a down payment on a VA home loan.
Property Type
VA loans may be used to purchase a new home or refinance an existing mortgage.
Eligibility
Along with a Certificate of Eligibility, you’ll need to plan on living in the home you’re purchasing to qualify for a VA home loan, plus a FICO credit score of at least 640 or higher.
Common VA Home Loan Questions
VA home loans can be huge assets to homebuyers looking for more favorable financing options. However, understanding the requirements and conditions associated with them can be challenging. Use these FAQs to get acquainted with common terms and other considerations.
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What is a Certificate of Eligibility (COE)?
A Certificate of Eligibility (COE) is a document that proves your eligibility for a VA home loan. To get a COE, you must demonstrate proof of service. Proof requirements vary depending on whether you’re an active duty service member, a veteran, or a surviving spouse. You can check your eligibility and request a COE directly on the Department of Veterans Affairs website.
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What are the advantages of VA home loans?
VA home loans offer several competitive benefits. Lower interest rates, no down payment requirement, no private mortgage insurance requirements; make VA loans excellent options for eligible would-be homebuyers. Plus, as an additional benefit, the VA offers other loan programs designed specifically for disabled veterans. VA loans also present attractive refinancing options even if you don’t have equity in your home. You can refinance up to 120% of your home’s value for changing your term or lowering your rate. Yes, that means you might be able refinance even if you owe more on your home than the current value.
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Which service members are eligible for VA loans?
Members of seven uniformed branches–Army, Navy, Air Force (including the Space Force), Marines, Coast Guard, National Oceanic Atmospheric Administration, and Public Health Service–are eligible to apply for VA home loans. Along with active duty service members and veterans, Reservists and National Guard members may also apply.
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Are there additional benefits for disabled veterans?
Disabled veterans enjoy added perks in connection with their VA home loans. Exemptions from funding fees, access to additional adaptation grants, and property tax exemptions are available. Plus, if you have a disability that affects your mobility or vision, you may have access to specially adapted housing (SAH) grants.
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Are there other VA home loan eligibility requirements?
Along with eligibility requirements set by the Department of Veterans Affairs, you also must meet specific lender requirements. Contact us to discuss the details of your service and learn more.
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What fees are required for a VA home loan?
VA home loans don’t require down payments. However, you may need to pay other fees when you close on your loan. Additional fees can include closing costs, funding fees, and access to reserve funds.
Everyone Deserves a Home
According to the National Alliance to End Homelessness, over 7,600 Nevadans experience homelessness on any given night. GNM’s Keys to Greater program donates a portion of the revenue from every new mortgage or refinance to community nonprofit organizations that address homelessness, and since launching in 2021, over $200,000 has been donated!
Applying for a VA Home Loan
Homeownership may be just an application away. Apply for your VA home loan today with help from our consultants–we’re here to simplify the process and answer any questions along the way.
Secure a Certificate of Eligibility (COE)
Confirm your eligibility and request a COE on the Department of Veterans Affairs website.
Calculate What You Can Afford
See how much you can afford to borrow on your home purchase with our mortgage calculator.
Submit Your Application
It’s quick. It’s easy. It’s online. Plus, we have a mortgage documents checklist so you know what information to gather.
Let’s Chat
All your home loan questions are answered by your dedicated Mortgage Consultant and their team as you learn about what options work best for your goals.
1Average purchase loan turnaround time is based on application completion to final approval, with all required conditions and guidelines being met awaiting the Close of Escrow date, for October 2024. This is not a guaranteed timeframe for all loan applications. Each loan transaction is different, and individual turnaround times will vary.