VA Loans

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What is a VA Loan?

The VA loan is a $0 down payment mortgage option available to Veterans, Service Members, and eligible surviving spouses, which can be used to purchase or refinance a primary residence. VA loans are eligible to purchase or refinance a single-family home, townhouse, condo, or manufactured home. VA loans are guaranteed by the U.S. Department of Veterans Affairs (VA), which has been offering this program since 1944. With the VA backing a loan, a borrower’s risk profile is decreased, opening the door to excellent interest rates and terms. This benefit is the VA’s way of thanking veterans for their service to our country. In most cases, if you are eligible for VA loan, it’s hands down the best loan option when compared to other loan programs, VA normally has a lower interest rate, no down payment required and a lower monthly payment.

Benefits of a VA Loan

Zero down payment

No private mortgage insurance (PMI) requirement

The seller can pay all closing costs

Excellent interest rates

No pre-payment penalty

Allows higher debt to income ratios vs other loan programs

Relaxed credit requirements

VA funding fee can be waived with a service-connected disability

Cash-out refinance up to 100% of the value of your home

VA interest rate reduction refinance loan (IRRRL)

VA Loan limits in Virginia

The maximum VA loan amount in Virginia is $484,350, with the exception of high-cost areas in Virginia which have loan limits as high as $726,525.

VA funding fee

The VA Funding Fee is paid to the VA to keep the program running for future generations of veterans. The fee varies depending on the borrower’s service type and down payment amount and does not apply for veterans with service-connected disabilities. For a first-time use of the VA Home Loan Program, the funding fee is typically 2.15% of the purchase price of the home. This fee can be financed into the loan and does not have to be paid out of pocket. By financing the VA funding fee and having the seller to pay the closing costs, veterans can purchase a home without paying any money at closing.

Example of a VA Home Loan Payment

Based on a $200,000 Loan, 30-Year Fixed Rate of 4.5%

Principle and Interest $1013

Home Owners Insurance $50

Real Estate Taxes $150

Total Monthly Payment $1213

Are You Eligible for a Virginia VA Loan?

You may be eligible for a VA Home Loan if you meet one or more of the following conditions:

  • You have served 90 consecutive days of active service during wartime, OR
  • You have served 181 days of active service during peacetime, OR
  • You have more than 6 years of service in the National Guard or Reserves, OR
  • You are the spouse of a service member who has died in the line of duty or as a result of a service-related disability.

We can help you determine if you are eligible and in most cases get a copy of your certificate of eligibility in a few minutes. Contact us today!

The following do not prohibit you from getting a VA loan in Virginia:

A bankruptcy
in your past.

A previous
foreclosure.

Having used a VA
loan before

Additionally, the passage of time since your service also does not impact your eligibility in any way. There is no “deadline” to claim your VA home loan benefits. You can use this benefit at any point.

How can you have two VA loans?

If you currently own a home with a VA loan you may still be eligible to buy another home with a VA loan, this is called VA 2nd tier eligibility. VA guarantees 25% of your loan amount, up to a maximum guarantee amount, so it is possible to have additional entitlement remaining which allows you to have two VA loans simultaneously. Contact us today and we can help determine your remaining entitlement and how much you can borrow based on your remaining VA entitlement. This is an excellent option if you need to purchase a new home before selling your current home or if you want to keep your current home after purchasing your new home.

Apply Now for a VA Loan

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With offices in Blacksburg, Marion, and Abingdon we provide VA home loans in Virginia including Christiansburg, Roanoke, Wytheville, Bristol, and the surrounding areas.

Have questions about a VA loan?

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