VA Loan

What is a VA loan?

Veterans, active-duty service members, National Guard members, Reservists, and some surviving spouses of veterans are eligible for VA loans. With favorable terms and benefits, it provides veterans and their families with the opportunity to become homeowners, backed by the U.S. Department of Veterans Affairs (VA).

Key features of
VA loans include:

No Down Payment

One of the most significant benefits of VA loans is that they typically do not require a down payment. This can make homeownership more accessible to eligible individuals who might not have substantial savings for a down payment.

No Private Mortgage
Insurance (PMI)

Since the VA guarantees a portion of the loan, there’s no need for borrowers to pay for private mortgage insurance, even if they don’t make a down payment. This can result in significant cost savings over the life of the loan

Competitive Interest

VA loans often come with competitive interest rates compared to conventional loans, making them an attractive option for eligible borrowers.

Easier Qualification

VA loans have more flexible qualification requirements than some conventional loans. The VA doesn’t set a minimum credit score requirement, but lenders may have their own standards

Funding Fee

While VA loans generally do not require a down payment, they come with a funding fee. This fee helps offset the cost of the VA loan program and can be financed into the loan amount. The amount of the funding fee depends on factors like the borrower’s military status, down payment (if any), and whether the borrower has used a VA loan before.

No Prepayment

Borrowers can pay off their VA loans early without incurring a prepayment penalty.

Assumption Option

In some cases, VA loans are assumable, which means that if the borrower decides to sell the home, the buyer can take over the existing VA loan. This can be advantageous in a rising interest rate environment.

Property Requirements

The property being financed with a VA loan must meet certain minimum property requirements to ensure it’s safe and habitable. This is to protect both the borrower and the VA’s investment.

Certificate of Eligibility (COE)

To apply for a VA loan, eligible individuals need to obtain a Certificate of Eligibility from the VA. This certificate verifies their eligibility for the loan program.

Primary Residence

VA loans are intended for borrowers to purchase their primary residence, meaning the home they plan to live in. They generally cannot be used to purchase investment properties or vacation homes


You can start the application process on our website by filling out the form online, setting up a loan consultation appointment, or calling us on the phone. There is not an application fee.
Your borrowing capacity depends on your income, expenses, creditworthiness, and the type of loan you’re applying for. We’ll work with you to find a loan amount that works with your budget and your comfort level.
We will typically work through this together. You will want to lock in once you are under contract on your home and your loan has been uploaded to the lender.
Yes, you can make extra payments and even pay off your mortgage early. If you are paying off your mortgage you can do so after making six monthly payments without a penalty.
Yes, you can make extra payments and even pay off your mortgage early. If you are paying off your mortgage you can do so after making six monthly payments without a penalty.
Closing costs include fees for services such as title company costs, setting up your escrow account (property taxes and insurance), origination fees from lender for underwriting, etc. We typically have the lender pay our origination fee to help keep your closing costs lower.
We offer a range of home loan options, including Conventional, FHA, VA, USDA, Jumbo, Bank Statement, Asset Qualifier, Refinance, Reverse Mortgage, and so many others. Each loan type has unique features to suit different financial situations. Let our expertise guide you to find the one that is right for you.
Loan Approval: You receive final approval from the lender (clear to close). Closing: The final paperwork is signed by all parties and the loan is then funded and recorded.
As mortgage brokers we have access to 60+ wholesale lenders providing you with multiple options for all your home buying needs with lower rates and exceptional service. At Loans By Vicky, we stay in constant contact with you throughout the entire process. We are still here for you even after you close. We love making friends one mortgage at a time!

Get Pre-Approved quickly for your VA loan through our app!

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