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
- 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. George Mason Mortgage is not endorsed by, sponsored by, or affiliated with any government agency or program.
* 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.