VA Loan Programs for Veterans

Start with what you are trying to do. Buying a home means a VA purchase loan with $0 down and no monthly mortgage insurance (PMI). Already in a VA loan with a higher rate than today’s market means the IRRRL streamline, which skips the appraisal and income documents. Needing cash from your equity means the VA cash-out refinance, and building on your own land means the one-time close construction loan. Five minutes on the phone usually settles it, 800-697-4371.

There is no lifetime limit on the benefit. When you sell a home and pay off its VA loan, that entitlement restores and you can use it again at $0 down. You can even hold two VA loans at once in some PCS situations, since remaining entitlement can cover a second purchase at a new duty station. We run the entitlement math for you before you shop.

We close VA purchase and cash-out loans from a 500 minimum credit score, far below the 620 cutoff most lenders enforce, because we underwrite these files by hand. On the streamline side, our No Score IRRRL has no minimum at all for qualifying borrowers, which serves retirees who live debt-free and have no recent credit history.

The down payment is genuinely zero and there is no monthly mortgage insurance at any down payment level. The VA charges a one-time funding fee on most loans, which can be rolled into the loan rather than paid in cash, and the fee is waived entirely for Veterans with a 10 percent or higher disability rating and for eligible surviving spouses. Standard closing costs still apply, and sellers are allowed to cover them in negotiation.

Most of our VA loans close in 2 to 3 weeks. We are an FDIC member bank and a wholesale broker, so a file can fund in-house or shop across 35-plus wholesale lenders for the best rate without restarting the clock. For families on PCS orders, we time the closing to the report date.