A VA or Veterans Affairs loan is designed for Veterans and active duty personnel of the U.S Armed Forces. These can be regular military, reservists, veterans and National Guard members. The VA itself does not make loans. They insure or guarantee mortgage loans to qualified applicants through mortgage lenders. Much like FHA does not make loans, they just insure them. The VA issues a Certificate of Eligibility to the applicant to use with the lender of their choice.
A VA loan is the only true 100% financing available without mortgage insurance. This means 0% down payment and no monthly mortgage insurance. There is a what is called a Funding Fee with each VA loan.
This is an upfront cost paid at closing but generally included in the mortgage amount and not paid out of pocket. The amount of the funding fee ranges from .5% to 3.3% of the mortgage amount depending on down payment, loan purpose and the number of uses by that particular Veteran.
As a Veteran myself I am proud to offer VA loans. I have a VA loan on my own home and I am an expert in their guidelines. Please call or text (760) 565-2436 or email me anytime to discuss a VA mortgage or you can click here to apply!
Mortgage Loan Officer | Edge Home Finance