Loan Program Options
VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits
What is a VA Home Loan?
A VA Home Loan is a government-backed mortgage designed specifically for veterans, active-duty service members, and eligible military spouses. This loan is backed by the U.S. Department of Veterans Affairs (VA) and offers significant homebuying benefits, including zero down payment, no private mortgage insurance (PMI), and competitive interest rates.
Why consider a VA Home Loan?
VA loans provide exclusive benefits that make homeownership more accessible and affordable for those who have served. Key advantages include:
Zero down payment: Unlike conventional and FHA loans, VA loans allow borrowers to purchase a home with no down payment required.
No private mortgage insurance (PMI): Since VA loans are government-backed, borrowers do not have to pay monthly PMI, reducing overall costs.
Flexible credit and income requirements: VA loans have less stringent credit score requirements compared to conventional loans.
Competitive interest rates: VA loans often offer lower rates than conventional mortgages, saving borrowers money over time.
Assumable loans: A VA loan can be transferred to another eligible veteran, making it a valuable long-term asset.
VA Home Loans offer some of the most powerful mortgage benefits available, helping veterans and their families secure stable, affordable housing.
VA Loan Eligibility and Features
VA loans come with unique requirements and features tailored to those who have served. Here’s what borrowers need to know:
VA Loan Eligibility
To qualify for a VA loan, borrowers must meet at least one of the following service requirements:
- 90 consecutive days of active duty during wartime.
- 181 days of active service during peacetime.
- 6 years of service in the National Guard or Reserves.
- Spouse of a service member who died in the line of duty or as a result of a service-related disability.
- Borrowers must also obtain a Certificate of Eligibility (COE) from the VA to confirm their qualification status.
VA Funding Fee
VA loans do not require a down payment or PMI, but borrowers must pay a one-time VA funding fee, which helps sustain the program for future veterans. The fee varies based on loan amount and military service history but can be waived for veterans with service-related disabilities.
VA Loan Limits
As of 2024, VA borrowers with full entitlement are not subject to loan limits. However, those with partial entitlement (due to a previous VA loan) may be subject to local county loan limits.
Types of VA Loans
VA loans offer multiple options to meet different homeownership needs:
VA Purchase Loan: Standard VA home loan for purchasing a primary residence.
VA Interest Rate Reduction Refinance Loan (IRRRL): A streamlined refinance option for existing VA borrowers to lower interest rates with minimal paperwork.
VA Cash-Out Refinance: Allows eligible borrowers to convert home equity into cash for home improvements or debt consolidation.
VA Jumbo Loan: For borrowers purchasing homes above conventional loan limits while still benefiting from VA loan perks.
Who Should Consider a VA Loan?
VA loans are an excellent option for:
- Veterans and active-duty service members looking for affordable homeownership options.
- First-time homebuyers who want to purchase without a down payment.
- Current VA homeowners looking to refinance into a lower interest rate.
VA loans provide a unique pathway to homeownership with significant financial advantages, ensuring those who have served our country can achieve their homeownership goals with ease.
Your Goals. Your Home. Your Brightside.
Home financing should feel empowering, not overwhelming. At Brightside Mortgage, we’re committed to helping you achieve homeownership with confidence, clarity, and peace of mind. Let’s turn your homeownership dreams into reality—together.
