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VA Loans

The United States Department of Veterans Affairs (VA) offers eligible veterans a zero down payment option. VA loans do not have a monthly mortgage insurance premium. However, for non-exempt veterans, a funding fee will apply. This one-time fee is paid on the loan and can be financed into the loan amount. Sellers may contribute up to 4% of the Veteran’s closing costs and prepaids. VA loans are assumable, and refinancing options are available. Certain restrictions apply for loan amounts over $766,550.

Refinancing Your VA Loan

Refinancing your loan can include options to lower your monthly mortgage payment or even cash out your home’s equity. Use the equity in your home to your benefit! Pay off debt, renovate your home, or catch up on other expenses. VA cash-out refinances have the option to go up to 100% of your home’s loan-to-value (funding fee included, as applicable). This gives you the advantage over other cash-out refinance products. If you are looking to lower your rate and currently have a VA loan, then VA’s streamlined product may be the option for you. The streamlined refinance is called an Interest Rate Reduction Refinance Loan (IRRRL), and more details can be found below. Contact a Loan Officer for more information and have a copy of your current mortgage statement ready. Your home must have an existing mortgage to take advantage of this product.

2024 VA Funding Fee Chart

Down Payment

First-Time VA Loan Use

Subsequent VA Loan Use

No Down Payment

2.15%

3.3%

5% or more

1.5%

10% or more

1.25%

Eligibility Information

Those eligible to utilize the VA benefits may include:

Honorably discharged veterans
Widows/widowers of veterans killed in action
Reservists who have served a sufficient length of time (determined by the VA)
Active-duty servicemen and servicewomen who have a sufficient length of service (determined by the VA). You may want to mention form DD214, which may be required to obtain the Certificate of Eligibility (COA) from VA.

Your lender will contact the VA to obtain a COE. The COE will tell your lender if you are eligible to use the VA loan program. If an automated COE cannot be obtained, your lender may ask for a copy of your form DD214 or other documentation, as applicable. If you have any additional questions on your eligibility status, please contact the United States Department of Veterans Affairs.

VA IRRRL Details

The VA offers a streamlined refinance product called an Interest Rate Reduction Refinance Loan or IRRRL. To qualify for this product, you must have an existing loan on your home, and the existing loan must be a VA loan. The benefit of the loan is to reduce the interest rate. The IRRRL offers minimal documentation and does not require an appraisal. The IRRRL offers a quick and easy option to lower your rate and monthly payment. Some restrictions apply. Contact your Loan Officer for more details to get started on the path to a lower payment!