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Starting with this newsletter, we are going to highlight a mortgage product that we believe offers unique value or benefits. What better place to start than with a Veterans Administration (VA) mortgage.

What is it?

The Veterans Administration guarantees mortgages for those who have served or are presently serving in the U.S. military. The VA does not lend money for VA loans, instead it guarantees the repayment of mortgages made by private lenders (banks, savings and loans, or mortgage companies) to veterans, active military personnel, and military spouses who qualify.

Who is Eligible for a VA mortgage?

VA mortgages are for active military personnel, veterans, and military families who wish to purchase or refinance their primary residence. The list of those who are eligible include:

  • Veterans
  • Active-duty personnel
  • Reserve members
  • National Guard members
  • Some surviving spouses

In order to be eligible, a valid Certificate of Eligibility (COE) must be obtained from the VA, and you must use the home for your own personal occupancy.

What makes the VA program a good mortgage program?

The VA program offers some of the most attractive and flexible loans available. The two primary benefits are: 1) there is no down payment required (i.e. $0 down payment); and 2) monthly mortgage insurance is not required to be paid.

In addition to these benefits following are other benefits that are unique to VA loans:

  • Less strict qualification guidelines
  • Lower credit scores allowed than other mortgage programs
  • Lower interest rates than most other mortgage programs such as conventional
  • Lower monthly payments compared to FHA and conventional
  • Ability to finance the upfront VA funding fee and a reduced funding fee for certain borrowers
  • Seller can pay costs and debts of the borrower
  • The mortgage is assumable
  • No pre-payment penalty


For more information on VA mortgages you can go to the site below or call and speak with a loan officer. It is a great mortgage program.