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.
* 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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David H. Stevens, CMB, (Dave) is a 36 year veteran of the Mortgage Banking industry. Dave served as the President and CEO of the Mortgage …
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