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VA Home Loans of February 2024

VA Home Loans
Apply VA home loans from companies verified by our specialists. On 22.02.2024 you have access to 6 home loans with a low rate. Increase your chances of getting money — fill out a multi-application with a free credit rating check.
Offers: 6
Updated:
20.11.2023
07:37
Rocket Mortgage
30-Year Fixed
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

6.00 – 6.28 %
Term
i

Loan term for the financial product

5 years – 30 years
Veterans United
VA Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

4
Recommended FinScore™
0
300
650
1000
up to $2,000,000
Rate
i

Effective interest rate on the product

up to 5%
Term
i

Loan term for the financial product

up to 30 years
AmeriSave
Mortgage
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
from $50,000
Rate
i

Effective interest rate on the product

from 5%
Term
i

Loan term for the financial product

up to 30 years
Submit One Loan Application Online!
Submit One Loan Application Online!

Use our quick loan matching system with a free credit check!

Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
from $50,000
Rate
i

Effective interest rate on the product

from 5%
Term
i

Loan term for the financial product

up to 30 years
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
from $50,000
Rate
i

Effective interest rate on the product

from 3%
Term
i

Loan term for the financial product

up to 30 years
Rocket Mortgage
VA 30-Year Fixed
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to 100% LTV
Rate
i

Effective interest rate on the product

6.063% APR
Term
i

Loan term for the financial product

5 - 30 years
VA Home Loans Calculator of February 2024
The best home loan calculator
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Mortgage Online Application of February 2024
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Mortgage Online Application of February 2024Mortgage Online Application of February 2024Mortgage Online Application of February 2024Mortgage Online Application of February 2024Mortgage Online Application of February 2024
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Reviews
CreditFresh
4.8
The application process was a breeze, and I received a response within minutes. This straightforward and prompt procedure proved to be a great help to me during a crucial time of need.
Review
JG Wentworth
4.6
The assistance I received was exceptional. My representative handled my case with care and provided all the necessary information...
Review
OneMain Financial
4.4
The loan application process was straightforward, and the representative I interacted with displayed patience, provided informative answers, and was quite pleasant throughout...
Review
My Funding Choices
4.6
The process was swift and straightforward, which was particularly helpful during a time when, despite my reluctance to seek assistance, I genuinely needed help.
Review
Plain Green Loans
2
The interest rate is shockingly high, and it feels like taking advantage of individuals facing financial challenges when unexpected expenses arise...
Review
Advance America
4.6
I have never encountered any issues with this company. They consistently deliver funds on time, and the repayment process is straightforward...
Review
VA Home Loans of February 2024

What is a VA loan?

A VA home loan program is a government-backed mortgage program by the U.S. Department of Veterans Affairs (VA).

Even if your credit score isn't perfect, it lets you get a low-cost mortgage when you want to buy or refinance a home. You can get a VA mortgage loan if you are in the military or if you have served in the past. If you are a service-related disability veteran, VA loans have extra benefits.

The Department of Veterans Affairs (VA) gives particular assurances to private lenders who handle VA mortgages. Because of these guarantees, VA lenders provide veterans home loans with no minimum down payment and fewer severe conditions, such as interest rates, closing costs, and funding fees, than conventional loans.

How Does VA Loan Work

VA loans are a little different from regular mortgages in how they work. The Department of Veterans Affairs (VA) does not make or start loans but guarantees a portion of each loan against default. This backing, or guarantee, gives private lenders the confidence to offer financing with no minimum down payment and competitive interest rates and terms. But from a process point of view, VA loans are pretty much the same as most other mortgages, with a few exceptions.

  1. Prequalification. Select a VA-approved lender and prequalify to determine the amount of house you can afford based on your income, credit, eligibility, and other financial factors. Prequalification is a fundamental initial step that prepares you for the far more powerful step of VA preapproval.
  2. Preapproval. Loan pre-approval is a big step that puts you in charge, so you can move quickly when you find a house you like. Lenders will check your income and other financial information to determine how much you can buy. The result is getting a letter of pre-approval. These letters demonstrate to real estate brokers and home sellers that you are a potential buyer with the resources necessary to complete the transaction.
  3. Create an Offer. Once you and your realtor have located the ideal VA-approved house, it is time to submit an offer and work out a deal with the seller. It's crucial to find a trusted loan agent who knows everything there is to know about VA loans.
  4. Undergo VA Appraisal. Your lender will arrange a VA appraisal of the property once you've signed the deal. The VA requires the appraisal, which is not a home inspection, to ensure that the property satisfies the VA's basic property requirements and is being sold at its fair market value. The underwriters will also simultaneously examine your income, finances, other paperwork, and the completed appraisal. You'll receive a "clear to close" letter and be able to proceed with the loan closure if everything is in order.
  5. Closing. All that remains is to close and move in with the underwriter's approval. Closing is signing documents that demonstrate you understand and agree to the loan terms. The property is legally transferred from the previous owner to you during the closing. You must provide proof of homeowner's insurance and pay closing expenses. You will obtain the keys to your new home once your closing documents have been signed.

Types of VA Loans

Borrowers can apply for a range of housing and refinance loans through the VA loan program. If you're unsure which VA home loan type would work for your situation, you can talk to a loan officer to learn more.

  • Purchase Loans. A VA purchase loan is a mortgage loan that is available to eligible veterans and active-duty military personnel. It is designed to help them purchase a primary residence. VA purchase loans typically offer favorable terms, including no down payment requirements and lower interest rates compared to traditional loans, making homeownership more accessible for eligible veterans. The VA guarantees a portion of the loan, which reduces the risk to the lender and may allow for more favorable terms and conditions. This type of loan is only available to those who meet the eligibility requirements set by the VA.
  • Cash-out Refinance. A VA cash-out refinance loan allows eligible veterans and active military members to refinance their existing mortgage into a new mortgage with an increased loan amount and take the difference between the new loan balance and the original loan balance as cash.
    This type of loan can be used for a variety of purposes, such as debt consolidation, home improvements, financing education, or other expenses. It offers eligible veterans and active military members the opportunity to access their home equity and utilize the cash to improve their financial position. The VA Cash-Out Refinance Loan program has the same eligibility requirements and interest rate as the VA Purchase Loan, and there is no cap on the amount of cash that can be taken out.
  • IRRRL. The VA Interest Rate Reduction Refinance Loan (IRRRL) is a type of VA loan that is used to refinance an existing VA loan to a lower interest rate. This loan is also known as a VA streamline refinance loan. The IRRRL program allows homeowners who already have a VA loan to refinance their mortgage with a streamlined process, with fewer requirements and documents than a traditional refinance loan.
    The goal of the IRRRL is to help veterans save money on their monthly mortgage payment by lowering the interest rate. To be eligible for an IRRRL, you must already have a VA loan, and you must live in the home that is being refinanced. The IRRRL process is relatively straightforward and typically involves fewer closing costs compared to a traditional refinance loan.
  • EEM loans. The VA Energy-Efficient Mortgage (EEM) Loan is a special type of VA loan that helps veterans finance the cost of energy-efficient improvements to their homes. With an EEM loan, veterans can add money to their mortgage to make their homes more energy efficient. These improvements may include adding insulation, replacing windows, upgrading heating and cooling systems, and more. The loan is designed to help veterans lower their energy bills and make their homes more comfortable and environmentally friendly.
    To be eligible for an EEM loan, veterans must have a valid VA loan and must be using the loan to purchase or refinance a primary residence. The loan must also be used to finance energy-efficient improvements that meet certain requirements as determined by the VA.
    The EEM loan is a type of VA loan, which means that veterans can take advantage of the VA loan benefit that comes with VA loans, such as no down payment and lower closing costs. Additionally, the loan is guaranteed by the VA, which means that veterans can have peace of mind knowing that the loan is backed by the federal government.

Pros and Cons

Pros

  • No down payment requirement. VA loans do not require a down payment, which can make it easier for eligible borrowers to purchase a home without having to save up a large amount of money upfront.
  • No private mortgage insurance (PMI) requirement. PMI is an insurance policy that protects the lender if a borrower defaults on their loan. VA loans do not require PMI, which can result in lower monthly mortgage payments for borrowers.
  • Lower interest rates. VA loans often have lower interest rates compared to conventional loans, which can result in significant savings over the life of the loan.
  • No pre-payment penalties. VA loans do not have pre-payment penalties, which means that borrowers can pay off their loan early without incurring any additional fees.

Cons

  • Limited availability. VA loans are only available to eligible veterans, active military personnel, and surviving spouses of military members, which limits their accessibility to a smaller portion of the population.
  • Lengthy approval process. The approval process for a VA loan can be longer than that of a conventional loan, which can be frustrating for some borrowers.
  • Appraisal requirements. VA loans have strict appraisal requirements that must be met in order for the loan to be approved, which can result in additional time and expenses for borrowers.
  • VA funding fee. VA loans have a funding fee, which is a fee charged to cover the cost of the VA loan program. The funding fee can be rolled into the loan amount, but it will increase the overall amount of the loan and the monthly payments.

How to Apply for a VA Loan

You could apply for a VA home loan at a bank, credit union, or mortgage company that offers them. The process is the same as when you apply for other types of mortgages: you give information about your job, income, and other finances, and the lender decides if you qualify.

A VA certificate of eligibility (COE) is a unique item you'll require. The certificate of eligibility (COE) is a paper issued by the Department of Veterans Affairs that demonstrates you have met the service criteria for VA home loan eligibility. You can obtain the certificate of eligibility (COE) directly from the VA or via a VA mortgage lender.

Requirements

A VA home loan allows you to apply for a low-cost mortgage when purchasing or refinancing a home, even if your credit history isn't ideal.

  • You qualify for a VA if you have been on active duty for 90 days in a row. You are a veteran because you have served at least 90 days during wartime and 181 days during peacetime.
  • You served on active duty for 90 days or in the Selected Reserve or National Guard for six years.
  • You are the surviving spouse of a veteran who died in service or because of a disability related to service.
  • Also eligible are the spouses of service members who have been killed in action or taken as prisoners of war. You haven't remarried or remarried after you turned 57 or after December 16, 2003.

Application details

To determine your VA loan eligibility, request a certificate of eligibility. If you are a qualifying veteran, active-duty military member, or member of the National Guard or Reserve, you can obtain a COE by:

  • Requesting that a VA lender obtain it on your behalf;
  • Obtaining the certificate via the VA's eBenefits portal;
  • Completing a request for Certificate of Eligibility VA Form 26-1880 form and mailing it to a regional loan center.

Most lenders have access to an online application that can immediately give a certificate of eligibility if the system's database has enough information. So this is the quickest way to get a CEO.

According to the vice president of field mortgage originations at Navy Federal Credit Union, this feature can simplify and accelerate the process for many VA applicants.

On the VA website, it says that a "Request for Determination of Loan Guarantee Eligibility" form can be obtained by a surviving spouse and given to a lender to be processed. If you can't print the form, you can ask for one by calling 1-877-827-2702.

Ways to Pay Back a VA loan

The VA loan program was created to help eligible service members and veterans purchase homes without having to make a down payment or pay private mortgage insurance (PMI).

There are several ways to pay back a VA loan:

  • Regular monthly payments. This is the most common way to pay back a VA loan. Borrowers make a monthly payment to the lender to repay the loan. The payments include both principal and interest, and the loan is usually paid off over a term of 15 to 30 years.
  • Lump sum payments. Some borrowers choose to make extra payments on their VA loan to pay it off more quickly. This can lower the overall interest paid on a loan and help the borrower build equity in their home faster.
  • Refinancing. Another option for paying back a VA loan is to refinance it into a new loan. Refinancing can be a good choice for borrowers who want to lower their monthly payments, change their loan terms, or take advantage of lower interest rates.
  • Selling the home. When a borrower sells their home, the VA loan is paid off as part of the sale. This is often a good option for borrowers who no longer want to own the home or who are looking to move to a different location.

The best way to pay back a VA loan will depend on each borrower's financial situation and goals. Borrowers should carefully consider their options and consult with a financial advisor or loan specialist before making a decision.

FAQ

What is a VA loan, and who qualifies?

A VA loan is a type of mortgage loan in the USA that is backed by the Department of Veterans Affairs (VA). It is designed to help active-duty military members, veterans, and their surviving spouses purchase or refinance a home. To qualify for a VA loan, a borrower must have served in the military, have a valid Certificate of Eligibility (COE), and meet certain income and credit requirements as determined by the lender. VA home loans typically offer better terms and lower interest rates compared to conventional loans and also have no down payment or private mortgage insurance requirements.

What does a VA loan do?

A VA loan is a type of mortgage loan in the United States that is backed by the Department of Veterans Affairs (VA). The VA loan program provides financial benefits to eligible veterans and their families by helping them purchase, build, or improve a home. VA loans are designed to provide eligible veterans with access to affordable mortgage financing, and they offer several advantages over conventional loans, including no down payment requirements, lower closing costs, and more relaxed credit standards. To be eligible for a VA loan, you must be a veteran, active duty service member, or eligible surviving spouse and meet certain service requirements.

How much do you have to put down for a VA loan?

A VA home loan benefit is that it often requires no down payment, meaning that you do not have to put any money down when getting a VA loan. However, some lenders may require a down payment of up to 3% for a VA loan. Additionally, some lenders may allow for a lower down payment but charge a higher interest rate. Ultimately, the required down payment will vary based on the lender and your specific circumstances.

Are VA loans a good idea?

Whether a VA loan is a good idea depends on the financial goals and circumstances of the borrower. VA loan benefits are no down payment requirement, no mortgage insurance requirement, and more favorable terms. However, like any type of loan, they also have drawbacks and costs that need to be considered. It is important to carefully weigh the pros and cons and consider one's personal financial situation before making a decision.