Veteran Affairs (VA) Loans

VA Loan Limits

VA loans no longer have loan limits for eligible borrowers with full entitlement. However, loan limits may apply if you have an existing VA loan or defaulted on a previous one.


Down Payment & Credit Score Requirements


  • Minimum Down Payment: None required for eligible borrowers, making VA loans one of the most affordable options.
  • Minimum Credit Score: While the VA does not set a minimum credit score, most lenders prefer a score of 620 or higher.


Mortgage Insurance


  • No Private Mortgage Insurance (PMI): Unlike conventional loans, VA loans do not require PMI, saving borrowers significant monthly costs.


Unique Features of VA Loans


  • Funding Fee: VA loans require a funding fee, which can be financed into the loan. Exemptions are available for certain veterans and service members.
  • Assumability: VA loans are assumable, allowing qualified buyers to take over the existing loan’s terms—an attractive feature in rising rate environments.
  • Flexible Credit Guidelines: VA loans are generally more lenient with credit history compared to conventional loans.


Property Types Allowed


  • Primary Residences Only: VA loans are intended for primary residences; investment properties and second homes are not eligible.
  • Manufactured Homes: VA loans can be used for manufactured homes but have stricter property and foundation requirements.
  • Condominiums: Eligible condos must be on the VA’s approved condo list.


Benefits for Veterans and Active-Duty Members


  • No Prepayment Penalties: Borrowers can pay off their VA loan early without penalty.
  • Competitive Interest Rates: VA loans often offer lower interest rates compared to conventional loans.
  • Reusable Benefit: The VA loan benefit can be used multiple times, provided previous loans are paid off or entitlement is restored.


Contact Us for VA Loan Guidance

Our team is here to help you understand the ins and outs of VA loans. Whether you're purchasing your first home or refinancing, we’re committed to finding the best solution for your needs.