VA Loans
Prime Realty & Lending is a retired veteran owned business. We are proud and honored to serve our service members, veterans and their surviving spouses with low cost VA home loan options. We support nonprofit veteran organizations and give back to our military and veteran community through charitable donations. Please see our First Responder & Military Rewards Program.
A VA loan is a mortgage loan available through a program established by the U.S. Department of Veteran Affairs (VA) (previously the Veterans Administration). With VA loans, veterans, service members, and their surviving spouses can purchase homes with little to no down payment, with no private mortgage insurance and generally get a very competitive interest rate.
VA loan mortgage rates are not set by the U.S. Department of Veteran Affairs. Each VA approved mortgage lender will set their own rates so we partnered with many VA approved lenders to get our clients the most competitive interest rates.
VA loans help active service members, veterans, and their surviving spouses become homeowners. They provide up to 100% financing on the value of a home. Eligible borrowers can use a VA loan to purchase or build a home, improve and repair a home, or refinance a mortgage.
The VA sets the qualifying standards, dictates the terms of the mortgages offered, and backs the loan, but doesn’t actually offer the financing. Instead, VA home loans are provided by private lenders, such as banks and mortgage companies.
When borrowers apply for a loan, they need to provide the lender with a certificate of eligibility from the VA. To get the certificate, you’ll have to produce service-related documentation, which can vary based on whether you are active duty or a veteran. The certificate can be obtained from the VA website. Although some of the lender’s own underwriting requirements still must be met, in most cases, VA loans are easier to qualify for than conventional loans.
VA Loans are not just 0% down loans. There are other benefits many may not know about;
1. VA loans are assumable.
2. VA loans are reusable.
3. Even if you used it, there may be bonus entitlement left to buy another property as long as your income allows it.
4. You may buy up to 4 units if you live in one, using the rent of the other 3 units to qualify for the loan. Use this to build your real estate portfolio.
5. The VA funding fee (1.25% - 3.3%) may be waived if you have a service-connected disability rating of 10% or more.
6. The VA provides foreclosure avoidance assistance.
7. Some states offer full property tax exemption if a veteran is 100% disabled and other states may offer partial exemption.
8. Seller credit can be up to 4% to pay for closing costs.
9. The 4% seller credit may be used to pay off debt if it's not fully used for closing costs. Only the VA loan program offers this feature.
10. The VA funding fee and closing costs can be financed.
11. No minimum credit score.
12. No loan limit.
13. VA renovation loans allow from $50,000 - $75,000 for the veteran to finance the purchase or refinance and the repair costs of a home into a single loan based on the "As Completed" Value.
14. Veterans can refinance the loan (VA IRRRL) without having to meet the credit, income or appraisal requirements again.
15. VA loans can be used for the construction of a primary home.
16. VA supplemental loans like the VA Energy Efficient Mortgage allow for up to $6000 in additional financing for minor energy-related improvements.
If you have any VA Loan questions, please contact us. We are VA Loan specialists!
For more information, please visit the Veteran Affairs website: https://www.benefits.va.gov/homeloans/