VA Home Loans

What is a VA Home Loan?

This loan product helps qualified veterans, reservists, active-duty service members, and their spouses take advantage of zero down-payment requirements and low mortgage rates.

Eligible borrowers can buy or construct a home or refinance an existing home loan (up to 100% LTV) with no monthly mortgage insurance premiums.

A VA Home Loan is a great benefit to those who have served our country. It not only provides them with the opportunity to own their own home but also does so with some very favorable mortgage terms.

What are the Benefits of a VA Home Loan?

Experience a multitude of significant advantages with VA purchase loans that cater to the unique needs of borrowers. Here are some key benefits you can expect:
These benefits merely scratch the surface of what a VA loan can offer. Feel free to reach out with any inquiries, and familiarize yourself with the VA loan timeline to gain a comprehensive understanding of the application and approval process. Our objective is to guide you towards the ideal loan package tailored to your requirements, ensuring a swift journey to the closing table.

• No Down Payment: Bid farewell to the burden of hefty down payments. A VA home loan eliminates the need for a down payment, freeing you from the obligation to save substantial amounts before making a home purchase.

• Low Interest Rates: Delve into the realm of VA loan requirements and discover that VA home loan interest rates typically outshine those associated with conventional mortgages. The factors influencing your interest rate are varied, and obtaining pre-approval for a VA loan provides insight into the rate you can anticipate.

• No PMI Requirement: Enjoy the privilege of not having to pay Private Mortgage Insurance (PMI), even if you choose not to make any initial monetary contribution.

• Flexible Credit and Qualifying Requirements: Unlike the stringent credit score criteria of Conventional loans, VA loans offer flexibility. Even with a below-average credit score, we are equipped to collaborate with you to secure a VA loan.

• Low Interest Rates: Delve into the realm of VA loan requirements and discover that VA home loan interest rates typically outshine those associated with conventional mortgages. The factors influencing your interest rate are varied, and obtaining pre-approval for a VA loan provides insight into the rate you can anticipate.

• Limited Closing Costs: Opting for a VA loan comes with a cap on closing costs, reducing the upfront financial commitment associated with a home purchase. The origination fee is capped at 1% of the total loan amount for "borrower paid" transactions. This limitation ensures that the origination fee remains reasonable and fair. This approach guarantees that the costs associated with obtaining a VA loan remain competitive and comparable to those encountered in alternative mortgage options.

How Do You Qualify for a VA Home Loan?

In order to qualify, you must meet one of the following conditions:

• Have served at least 90 continuous days on active duty during wartime, OR

• Have served at least 181 days of active duty during peacetime, OR

• More than 6 years of service in the National Guard or Reserves

In addition, you must meet the following credit criteria:

• A satisfactory credit history

• Have a stable monthly income

• Have Onshore Mortgage obtain a Certificate of Eligibility from the VA

How Does a VA Home Loan Work?

A VA home loan is a mortgage that is guaranteed by the United States Department of Veterans Affairs (VA). The VA does not actually lend the money for the mortgage, but they do insure the loan in case the borrower defaults.

This insurance allows lenders to offer more favorable terms to borrowers, including zero down-payments and low-interest rates.

How to Apply for a VA Home Loan?

In order to get a VA home loan, you will need to apply through a VA-approved lender. These lenders are experienced in working with VA loans and can help you through the entire process.

If you are currently in the military or have been in the past, a VA home loan may be a great option for you. With favorable terms and no down payment required, it can be an easy way to purchase your dream home.

What Additional Documents Are Required for a VA Home Loan?

When you apply for a VA home loan, there are a few different things that you will need to provide in order to complete the application process.

• You will need to provide proof of your military service. This can be in the form of your DD214, or if you are still on active duty, a statement of service.

• Provide evidence of your financial history. This includes tax returns, bank statements, and pay stubs.

• Obtain a Certificate of Eligibility

• Appraisal completed by a VA approved appraiser ordered through Onshore Mortgage, LLC.

How Many Times Can You Use the VA Home Loan?

You can use your VA home loan benefits multiple times. However, you have to keep this in mind:

• You will need to sell your previous home before taking out another VA loan.

• Outstanding balances on your first VA loan must be paid in full before you can take out another one. This can be done as a “same day” transaction (sale then new purchase).

If you're considering a VA home loan, be sure to contact Onshore Mortgage to learn more about the process and how to qualify.

*Credit and income restrictions do apply. Please visit our Disclosures page for a detailed breakdown of all loan types.