VA Loans

What are VA Loans?

VA loans are mortgage loans backed by the U.S. Department of Veterans Affairs, designed to provide eligible veterans, active-duty service members, and certain surviving spouses with affordable home financing options. These loans often feature no down payment, no private mortgage insurance (PMI), and competitive interest rates, making homeownership more accessible for those who have served our country.

Are VA Loans Right for You?

VA loans are designed specifically for veterans, active-duty service members, and certain surviving spouses. If you fall into one of these categories and are looking to buy or refinance a home, VA loans could be an excellent option. With no down payment requirement and favorable terms, these loans offer an affordable path to homeownership.

Take the First Step Towards Homeownership

Eligibility Requirements

To qualify for a VA loan, you must meet the following eligibility requirements:

Service Requirements

Veterans, active-duty service members, or certain National Guard and Reserve members

Surviving spouses of service members who died in the line of duty or as a result of a service-related injury

Certificate of Eligibility (COE)

Obtain a Certificate of Eligibility (COE) from the VA to verify your eligibility for a VA loan.

Credit and Income Requirements

Lenders typically require a credit score of 580-620 or higher

Sufficient, steady income to repay the loan

Debt-to-income ratio typically below 41%, though some exceptions may apply

Primary Residence Requirement

The home must be used as your primary residence, not for investment or vacation purposes.

VA Loans

Numbers at a Glance

Here’s a quick overview of key numbers associated with this type of loans

Minimum Credit Score

580

Varies by lender

Down Payment

0%

For eligible borrowers

Maximum DTI Ratio

41%

Varies by lender

Loan Term

15 or 30

Years to payoff the loan

Upfront Mortgage Insurance Premium (UFMIP)

None

Annual Mortgage Insurance Premium (MIP)

None

Get advice from a loan expert

We offer a variety of loan programs designed to meet the needs of every homebuyer.

VA Home Loan is perfect for you?

Call us to learn more

Our team is here to support you with personalized guidance.

Benefits of VA Loans

No Down Payment

VA loans typically require no down payment, making it easier to purchase a home without needing to save for a large upfront payment.

No Private Mortgage Insurance (PMI)

Unlike conventional loans, VA loans do not require private mortgage insurance, which can save you hundreds of dollars a month.

Competitive Interest Rates

VA loans often come with lower interest rates compared to conventional loans, which can significantly reduce your monthly payments and long-term interest costs.

Flexible Credit Requirements

VA loans offer more flexible credit requirements, helping veterans and active-duty service members qualify even if they have less-than-perfect credit.

Not the Loan You're Looking for?

Check out other loan options

Ideal for borrowers with good credit, conventional loans offer competitive interest rates and flexible terms.

Designed for higher-priced homes, jumbo loans offer financing options above conventional loan limits.

Backed by the Federal Housing Administration, FHA loans are perfect for first-time homebuyers or those with less-than-perfect credit.

ARMs start with a lower fixed interest rate for an initial period, then adjust periodically based on market conditions.

Pay only the interest on your mortgage for a set period, ideal for buyers who expect an increase in income or future refinancing.

Enjoy the security of a consistent interest rate and stable monthly payments for the life of your loan.

Flexible loans for borrowers who don’t meet standard lending criteria are ideal for those with irregular income.

These government-backed loans are tailored for rural and suburban homebuyers, often with zero down payment.

Allows homeowners 62+ to access home equity without monthly payments, repaid when the home is sold or vacated.

Combines purchase and renovation costs into one loan, perfect for buyers looking to fix up a property.

You can always ask for advice from a mortgage loan expert.

Ready to start an application for a loan?

VA Home Loans FAQ's

Do VA loans require a down payment?

No, one of the key benefits of a VA loan is that it typically requires no down payment, allowing eligible borrowers to purchase a home with 100% financing.

Can I get a VA loan if I’ve used one before?

Yes, VA loans can be used multiple times, as long as your previous loan is paid off, or you have remaining entitlement available.

Do VA loans require mortgage insurance?

No, VA loans do not require private mortgage insurance (PMI), which can significantly lower your monthly payments compared to other types of loans.

Find Your Perfect VA Home Loan

First Finance Lending will guide you with expert advice and personalized service to start your homeownership journey with the perfect loan program.