Find Affordable VA Loans That Meet Your Needs

Designed exclusively for veterans, active military members, and their spouses, VA loans offer the honor you deserve with benefits like no down payment and no private mortgage insurance.

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What Is a VA Home Loan?

Managed by the US Department of Veterans Affairs, this is a government-backed loan provided by private lenders as part of the VA home loan program. Qualifying veterans can enjoy low interest rates, no down payment requirement, and no private mortgage insurance. The lender is assured that they will make back a portion of the loan should the borrower default.

Benefits of VA Loans

A VA loan does not require a minimum down payment, making home buying far more affordable for veterans. Instead of private mortgage insurance (PMI), you’ll pay a one-time VA funding fee at your loan’s onset, reducing your monthly mortgage payments significantly. Additionally, mortgage companies often have a more relaxed debt-to-income ratio (DTI) and credit score requirements for service members, making using your VA loan benefit easier.

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VA Loans Requirements

How does a VA home loan work? Firstly, you need to apply for a Certificate of Eligibility (COE) from the US Department of Veterans Affairs, demonstrating that you are eligible for a VA loan entitlement. This eligibility is based on the length of your military service and the nature of your discharge if you are no longer in the service. Active duty service members and National Guard members will receive their VA home loan benefit after serving for the required time. We can help you obtain your COE with your SSN, date of birth, and DD214.

After you have proof of your full VA loan entitlement, the mortgage process acts similarly to a conventional mortgage. You will find a mortgage lender, submit an application, and provide your paperwork, including your COE and financial documentation. You’ll then work with a real estate agent, find the perfect home, and close on your dream property.

Why Choose Arnaiz Mortgage

VA mortgages are more accessible than ever when working with Arnaiz Mortgage. We seek out the most competitive interest rates on your behalf, whether from a private lender or credit union and will guide you through the process. Additionally, we’ll seek out helpful programs that can reduce the cost further, such as for those with a service-connected disability who may qualify for additional help. We’re your partner in VA loans and will be here for you throughout the life of your loan, including when you’re ready to explore loans.

Frequently asked questions about Find Affordable VA Loans That Meet Your Needs

  • Can You Refinance a VA Loan?

    Yes, absolutely! If you want a rate-and-term finance to lower your monthly payment, the VA IRRRL process makes refinance much faster than a traditional loan. Those who have built up significant home equity can enjoy a VA cash-out refinance, which replaces the current VA mortgage with one providing a lump sum payment. These are easier and more affordable than renovation loans, giving you the funds to pay for pressing home maintenance.

  • What Is the VA Appraisal Process?

    Once you have determined your VA loan eligibility and found a property you’re interested in, it must be inspected by a VA appraiser. This assures VA lenders that the home is worth the loan amount and protects veterans from being overcharged by a seller. The mortgage company may require a downpayment to cover the difference if the home’s purchase price exceeds its appraised value.

  • What Are the VA Loan Limits?

    There is no loan limit for purchase loans for those without an existing VA loan. However, if you previously used your entitlement, the VA loan limit is the same as for conventional loans in your area. This ranges from $766,550 to $1,149,825, depending on the county.

  • Are There Upfront Costs to a VA Loan?

    Yes. Just as with other loans, there are some upfront costs. You will need to pay closing costs for both purchase and refinance mortgages. You’ll also need to pay a one-time funding fee for the VA program. This goes to the VA and helps to ensure other veterans can afford property. As a plus, you do not need to pay monthly mortgage insurance because the government backs the loan.

  • What Are My Other Options?

    If you are ineligible for VA loans, we will help you explore other options. FHA loans are also government-backed loans and are meant for borrowers with lower credit scores. Their down payment requirements are much lower than for a conventional loan. You may also choose a traditional mortgage, which comes with competitive rates and is more widely available. This is a good option for those with an excellent borrower profile who want more home than an FHA loan would provide.

    Those who already have VA loans can convert their current mortgage to a different product when they choose a refinance loan, including conventional loans.