VA Loans

What is a VA Loan?

A Department of Veterans Affairs (VA) loan is conceptually similar to a fixed rate mortgage. A VA loan consumer is provided by the assurance that if the consumer defaults on their loan, the federal government will pay a portion of the loan.

A VA loan provides veterans with a federally guaranteed home with no down payment. It provides housing and assitance for veterans and their families. With a VA loan, veterans will be able to get their dream home.

We can help you purchase your new home and help you decide on a loan that will suit your needs.

VA Loan Eligibility

Veterans need a VA Certificate of Eligibility. To get one, you need to fill out a Form 26-1880, Request for Determination of Eligibility and Available Loan Guaranty Entitlement by calling 800-827-1000. Send the form to any VA Regional Office. Also include a copy of your DD214 with the Form 26-1880.

If you are on active duty, submit a statement of service signed by the adjutant, personnel officer, or commander of your unit or higher headquarters proving date of entry on your current active duty period and the duration of any lost time.

You can be eligible for a VA home loan if you have served on active duty in the Air Force, Army, Coast Guard, Marine Corps, and Navy.

» Veterans who have served on active duty and have a discharge (not dishonorable) after a minimum of 90 days of service during wartime
or
» Veterans who have served on active duty and have a discharge (not dishonorable) after a minimum of 181 continuous days during peacetime

Two year requirement
» Veteran enlisted and began service after September 7, 1980 enlisted as an officer after October 16, 1981

Six year requirement*
» National guards
» reservists
*certain criteria must be matched

VA Lending Limits

You can be guaranteed for a maximum of 25% for a home loan up to $60,000.

There is a funding fee of 2% of the loan amount and 2.75% for reservists.

Who Funds VA Loans?

Private lenders, savings and loans, and mortgage companies provide loans for eligibile veterans.

Apply for a VA loan