Traditional Home Financing
VA Loans
VA Loans help those who have served our country achieve homeownership with no down payment, favorable interest rates, and no private mortgage insurance (PMI).
Bank CMG is not affiliated with, endorsed or sponsored by the U.S. Department of Veterans Affairs, the Department of Defense or any government agency. VA loans are subject to VA eligibility, credit approval and property requirements.
What is a VA Loan?
A VA Loan is a mortgage backed by the U.S. Department of Veterans Affairs (VA) that offers many benefits that aren't available with other mortgage programs, including $0 down payment, no private mortgage insurance (PMI), and more. VA Loans are available for purchasing, building, improving, or refinancing an eligible primary residence.
Highlights
VA Loan features
Eligibility
Who Is Eligible for a VA Loan?
VA Loans are available to eligible:
- Veterans
- Active-duty service members
- National Guard members
- Reserve members
- Certain surviving military spouses
Additionally, VA Loans are only eligible for primary residences; no second or investment homes. A Certificate of Eligibility (COE) is typically required before closing, and we can help you obtain one!
Funding Fee
Understanding the VA Funding Fee
Most VA Loans require a one-time VA Funding Fee, which helps keep the program available for future generations of eligible service members and Veterans. Here’s what you should know about the Funding Fee:
- It’s paid once at closing
- It can often be financed into your loan amount
- The loan amount varies based on your loan type, down payment, and whether you've used your VA Loan benefit before
- Some eligible borrowers are exempt from paying the funding fee
VA Loan Limits
How much can I borrow with a VA Loan?
Here are the two buckets that determine how much you can borrow:
Full entitlement
You have never used a VA Loan or have paid off previous VA Loans and restored your entitlement
Partial entitlement
If you have an active VA Loans or previous foreclosures not repaid your eligibility will follow FHFA loan limits
Still not sure if a VA Loan is right for you?
If you’re still not sure if an FHA Loan is right for you, we’d be happy to talk. Either contact us or get started on your preapproval and to see how much you can afford, and we can talk best loan fit after.
FAQ
Frequently Asked Questions
We’re here to help! Find answers to your everyday banking questions.
Qualified borrowers may purchase a home with no down payment, making VA Loans one of the few mortgage programs that offers 100% financing.
The VA Funding Fee is a one-time fee that helps support the VA Loan program. In many cases, it can be financed into your loan. Some eligible veterans are exempt from paying the fee.
No. Veterans receiving VA disability compensation and certain other eligible borrowers may qualify for a funding fee exemption.
A Certificate of Eligibility verifies that you qualify for VA home loan benefits. Your lender can often help obtain your COE during the mortgage process.
Yes. Many eligible borrowers can use their VA Loan benefit multiple times, provided they meet VA entitlement requirements.
No. VA Loans are intended for owner-occupied primary residences.
