Home loans that honor your service

VA Loans

VA Loans honor veterans and their families with compelling home financing options.

VA Loans honor veterans and their families with compelling home financing options.

VA loans stand as a symbol of appreciation for the courageous individuals who have served our nation. These loans provide a distinct opportunity for veterans, active service members, and eligible surviving spouses. These government-backed loans provide an easier pathway to homeownership, even if one’s credit history isn’t stellar.

Featured Highlights of VA Loans:

No Down Payment
VA loans often don't require a down payment, making homeownership accessible.
Lower Interest Rates
Backed by the government, these loans typically offer more favorable rates than conventional loans.
Special Benefits for Disabled Veterans
From funding fee exemptions to special housing grants, disabled veterans receive additional advantages.

Diving Deeper into VA Loans

A VA loan, backed by the U.S. Department of Veterans Affairs, is more than just a mortgage. It’s a testament to the nation’s commitment to those who’ve donned the uniform. VA loans encompass a range of home and refinancing choices, featuring guarantees that enhance their appeal to lenders. These advantages translate into benefits such as no down payment and more lenient credit requirements.

Types of VA Loans:
  • VA Home Purchase Loan: Standard mortgage backed by the VA.
  • VA Jumbo Loan: Exceeds the conforming loan limits.
  • VA Renovation Loan: Combines home purchase and renovation costs.
  • VA Cash-Out Refinance: Converts home equity into cash.
  • VA Rate/Term Refinance: For non-VA loan holders looking to refinance for a better rate or term.
  • VA Interest Rate Reduction Refinance Loan (IRRRL): A refinance option for current VA loan holders seeking to reduce their monthly payments or interest rates.

Qualifying for a VA Loan:

While VA loans have more lenient credit requirements, not every veteran or service member automatically qualifies. Eligibility depends on factors such as duration of service, nature of duty, and more. A Certificate of Eligibility (COE) is required for the process and certain documents based on the applicant’s status (veteran, active-duty service member, National Guard member, etc.) must be submitted.

Benefits Over Conventional Loans:

  • No PMI: VA loans don’t require Private Mortgage Insurance.
  • Flexible Borrowing: VA loans allow for a higher Debt-to-Income ratio, making it easier to qualify.
  • 100% Loan to Equity Value: Refinance even if you owe more than the home’s worth.
  • Benefits for Disabled Veterans: Disabled veterans enjoy a range of benefits, including exemptions from funding fees, access to Specially Adapted Housing grants, property tax exemptions, and more.

How to Apply:

  • Secure A COE: Prove your service and get your Certificate of Eligibility.
  • Get Preapproved: A preapproval letter can make your offer stand out.
  • House Hunting: Keep the VA’s Minimum Property Requirements in mind.
  • Make an Offer: Once accepted, get the sales contract in place.
  • Undergo VA Appraisal & Underwriting: Ensure the home meets VA standards.
  • Close the Deal: Finalize the paperwork, secure your loan, and get your keys.
  • What is a VA loan?

    A VA loan is a mortgage option backed by the U.S. Department of Veterans Affairs. It is designed to help eligible veterans, active service members, and qualified surviving spouses purchase or refinance a home.

  • Do I need a down payment for a VA loan?

    In most cases, VA loans don’t require a down payment. This is one of their major advantages over conventional loans.

  • What is a Certificate of Eligibility (COE) and why do I need it?

    A COE is proof that you meet the initial eligibility criteria for a VA loan based on your military service. Lenders require this certificate before approving a VA loan.

  • Can I get a VA loan with a low credit score?

    Yes, VA loans often have more lenient credit requirements than conventional loans. Be sure to contact your NMB Loan Officer for more specific program guidelines for VA Loans

  • What are the property requirements for a VA loan?

    The VA requires that homes purchased with a VA loan must meet their Minimum Property Requirements, ensuring they are structurally sound, safe, and sanitary for the buyer’s primary residence.

  • What's the difference between a VA loan and a conventional loan?

    A VA loan is government-backed and offers benefits like no down payment, lower interest rates, and no PMI. Conventional loans do not have government backing and frequently come with more stringent eligibility criteria and requirements.

  • Can I refinance with a VA loan?

    Absolutely! There are specific VA refinancing options available, like the VA Streamline Refinance (IRRRL) and the VA Cash-Out Refinance.

  • Do VA loans require mortgage insurance?

    No, one of the significant benefits of VA loans is that they don’t require Private Mortgage Insurance (PMI).

  • Can I use a VA loan more than once?

    Yes, you can reuse your VA loan benefits if you have paid off your previous VA loan OR if the previous home was sold and the VA loan was paid off.

  • What is the VA funding fee?

    The VA funding fee is a single payment designed to help offset the overall cost of the loan to taxpayers. The specific amount varies depending on factors such as the type of loan, the down payment made, and whether the borrower has previously utilized a VA loan.

  • I'm a reservist. Do I qualify for a VA loan?

    Yes, members of the National Guard and Reserves can qualify for a VA loan, but eligibility criteria based on service duration and type may differ from active-duty personnel.

Final Thoughts on VA Loans

The VA loan, with its myriad benefits, represents a nation’s tribute to its protectors. Providing prospective homeowners with the opportunity to acquire a home without a down payment, benefit from reduced interest rates, and gain additional advantages for those with disabilities, the VA loan is a valuable tool that can turn the dream of homeownership into a reality for many who have served our country. If you’re considering this route, National Mortgage Bankers is ready to guide you through the process.

Ready to learn more about VA Loans or explore your options? Get started today!*

*All product information represented on this page is subject product guidelines and can change at anytime. It is for educational and informational purposes only and not a commitment to lend. Please contact your Nationwide Mortgage Bankers Loan Officer today get the latest product guidelines and guidance on what loan programs fit your unique financial picture and goals.


Finance Your Next Home With Our

Simple Application & Approval Process

We make financing your home simple and seamless with our user-friendly online platform, enabling you to easily apply and get pre-qualified for a home loan in no time. Our mortgage specialists offer prompt feedback and support, ensuring a smooth and efficient home financing journey.

Let's get started! Jump into the home financing process with our easy online application.
Get Approved
Our team receives your home loan application, reviews it, and works to get you approved in no time.
Closing Day
The big day is here! We'll go through all the details and close on your new home or refinance.
Welcome Home
Welcome to your happy place! It's time to make amazing memories in your beautiful new home.