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VA Home Loans

What is a VA Loan?

A VA loan is a home mortgage loan insured by the US Department of Veterans Affairs, available to most US veterans and other classes of eligible military personnel. It allows up to 100% financing, never requires mortgage insurance, and carries flexible underwriting guidelines. VA mortgage rates are often the lowest of all available loan types. VA Loans are guaranteed by the U.S. Department of Veterans Affairs (VA) and are issued by qualified lenders such as VA the Fairway.

This loan program was created in 1944, when the United States government sought a way to help veterans returning from World War II establish credit and a strong financial foundation. This sweeping legislation was a part of the original Servicemen’s Readjustment Act, also known as the GI Bill of Rights. By offering lower interest rates, less stringent credit standards, and not requiring a down payment, the VA Loan Program has played a critical role in leveling the playing field for those who have served our country to establish wealth after war.

Nearly 75 years later, this government-backed program has helped more than 22 million Veterans, active duty service members, and their families to purchase a home or refinance their mortgages in a lending climate with tougher down payment and credit requirements.

We at VA the Fairway encourage you to take some time to learn more about the particular benefits that are available through the VA Home Loan. For more information or if you would like to see if you qualify for a VA loan, contact our experts today at (888) 301-3465.

VA Loans vs. Other Common Loan Programs

VA Loans FHA Loans Conventional Loans USDA Loan

0% Down Payment

Eligible Borrowers are able to utilize a VA Home Loan with no money down and often little to no funds out of pocket.

3.5% Down Payment

FHA loans require a minimum 3.5% Down Payment on all purchases.

3-20% Minimum Down Payment

Conventional Loans require a minimum Down payment.

0% Down Payment

Eligible Borrowers are able to utilize a USDA Home Loan on Eligible properties with no money down.

Funding Fee

Borrowers without a 'Service Connected Disability' are required to pay a Funding Fee based on loan amount which is then added to the total loan amount.

Upfront Mortgage Insurance Premium Required

All FHA loans incur an Upfront Mortgage Insurance Premium of 1.75% of the loan amount which is then added to the total loan balance and is included in monthly payments.

No Funding Fee

Regardless of the down payment amount, Conventional loans do not require a Funding Fee.

Guarantee Fee Required

USDA loans require an upfront Guarantee Fee based on loan amount which is then added to the total loan balance and is taken account into monthly payments.

No PMI

Private Mortgage Insurance is not required on VA Loans due to backing by the U.S. Veterans Administration.

MMI Required

Monthly mortgage insurance (MMI) is added to loan payments for all FHA loans. The amount varies based on down payment.

PMI Required

Monthly private mortgage insurance (PMI) is added to loan payments for borrowers paying less than 20% down in most cases.

Annual Fee Required

USDA Loans require both an annual fee based on a certain % of the loan amount which is paid monthly.

Less Stringent Guidelines

VA loans are more flexible on employment requirements and income earnings. Offers more relaxed credit standards. Typically requires no reserves.

Flexible Guidelines

FHA allows for some of the highest Debt to Income Ratios. It also allows unmarried and non-occupant co-borrowers, and is more lenient on adverse credit.

Standard Guidelines

Conventional loan options traditionally allow lower Debt to Income ratios. They also often require reserve funds and can be much more difficult for some borrowers to qualify for.

Strict Guidelines

USDA's strict guidelines make it harder for most borrowers to qualify. Additionally not only do the borrowers have to qualify but the property does as well.

Regulations and Fees

As a general rule the federal government does not make VA Home Loans directly to veterans even though it is a federal program. Lenders like VA the Fairway make these loans to the veterans and the Department of Veterans Affairs offers a guaranty to the lender.

Should the borrower default on the loan, the lender is protected. With this security, the lenders are able to offer loans with better terms and conditions than with conventional loans.

Get a VA Home Loan Quote today

Loan Limits

Veterans, active service members and select spouses that qualify may purchase a home worth up to $453,100 without putting any money down in most parts of the country. In some higher cost counties across the country the loan limit may be higher. To find out the VA Loan Limit in your area, please give us a call on our toll-free phone number at (888) 301-3465.

Funding Fees

There is a VA Funding Fee associated with each VA Home Loan. This fee goes directly to the Department of Veterans Affairs to make sure that the program is able to keep running for future military home buyers, thus ensuring that there will not be any additional burdens for tax payers and veterans. The fee varies depending upon the borrower’s particular circumstances and may not apply to those with certain service connected disabilities. If you are using your VA Home Loan benefit for the first time, the funding fee is typically 2.15 percent of the loan amount of the home. For additional uses the fee is 3.3 percent. This fee may be rolled into the borrower’s total loan amount. You will not be required to pay a funding fee if any of the below apply:

  • Veteran receiving VA compensation for a service-connected disability.
  • Veteran who would be entitled to receive compensation for a service-connected disability if you did not receive retirement or active duty pay.
  • Eligible Surviving spouse of a Veteran who died in service or from a service-connected disability.

Additionally, the VA limits closing costs that can be charged for veterans and also allows sellers to pay most of those expenses. It is not unusual for VA borrowers to purchase a home with no money due at the time of closing.

(An estimate is fine)
(An estimate is fine)
We will never sell your contact info to other lenders.
Your information is secured by 256-Bit SSL Encryption

By entering your contact information, you are providing express written consent for Fairway Independent Mortgage Corporation to contact you at the email and number you provided via telephone, mobile device, automated means like autodialing, text SMS/MMS and pre-recorded messages, even if you are registered on a corporate, state, or federal Do Not Call list. You are also acknowledging and agreeing to our terms of service and privacy policy. Consent is not required to use our services.

Your information is secured by 256-Bit SSL Encryption.