Loan Options

VA Loans

VA Loans for Military & Veterans

VA loans are a great benefit for eligible service members, veterans and their surviving spouses. It allows you to qualify for more favorable loan terms if you’re looking to purchase or refinance a home than many other loans even if your credit isn’t perfect.

Who Is Eligible For a VA Loan

  • Veterans
  • Active-Duty Service Members
  • Current National Guard or Reservist
  • Discharged Member of National Guard
  • Discharged Member of the Selected Reserve
  • Surviving Spouses

Want to Refinance a VA Loan? Learn more here.

About VA Loans

A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs (VA) specifically for members of the military to buy and refinance homes. Eligible veterans, active-duty service members, reservists and their spouses may be able to finance a home with no down payment and flexible credit requirements.

VA entitlement is linked to the VA guaranty, which works like mortgage insurance and protects a lender against losses if you default, much like mortgage insurance charged on conventional and FHA loans. However, the VA guarantee isn’t added to your monthly payment or charged as a lump sum, resulting in a lower VA monthly payment compared to a low down payment conventional or FHA loan.

VA Purchase Loan Benefits

Certificate of Eligibility Required.
* VA loans require a non-refundable VA funding fee at closing. Maximum VA loan amounts vary by county.
** Eligible borrowers using a VA Jumbo Loan are required to pay 25% of the difference between the sales price of the home and the applicable VA loan limit as a down payment. 
Talk to a George Mason Mortgage loan officer to learn more.

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Knowledge Base

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