VA Loan

A VA loan is a mortgage loan in the United States guaranteed by the United States Department of Veterans Affairs (VA). The program is for American veterans, military members currently serving in the U.S. military, reservists and select surviving spouses (provided they do not remarry) and can be used to purchase single-family homes, condominiums, multi-unit properties, manufactured homes and new construction. The VA does not originate loans, but sets the rules for who may qualify, issues minimum guidelines and requirements under which mortgages may be offered and financially guarantees loans that qualify under the program.

The basic intention of the VA home loan program is to supply home financing to eligible veterans and to help veterans purchase properties with no down payment.

Minimum Down Payment: Zero up to $510,400 with full entitlement

Gift Funds: All funds required can be a gift from an acceptable donor; family member, fiance, domestic partner, etc.

Seller Sales Contributions: 4%

Maximum Loan Amounts (Owner Occupied): 1 UNIT- $510,400

VA Funding Fee-Purchase Transactions: 

First Use/Regular                                         Subsequent Use/Regular

0% Down 2.3%                                                  0% Down 3.6%

5% Down 1.65%                                                5% Down 1.65%

10% Down 1.40%                                              10% Down 1.40%