Virginia VA Loans

Secure a VA Mortgage in Virginia

The Virginia VA loan is a specialized loan that is backed by the Department of Veteran Affairs (VA).  These loans are available to veterans who live or wish to live in the state of Virginia.  The funds can be applied to a home purchase or, in many cases, a mortgage refinance.

Jump to: Eligibility | Loan Limits

What is the VA Loan?

The VA loan program is built upon a mission if helping veterans transition into the new role of homeownership.  The VA accomplishes this by guaranteeing loans that are made by private lenders to veterans, eliminating some of the risk associated with the loan.  Lenders can offer these lower risk loans at better rates and with better terms.  Check out some of the benefits that these loans offer to veterans.

VA Loan Benefits in Virginia

VA loans offer many financial advantages to veterans who qualify.  The value of the loan characteristics will vary depending on your personal needs and your financial plans.  Some of the most common benefits are listed below.

• You won’t have to make a down payment when you purchase the home.  This means no money down at all.
• Lower credit scores and lower income levels are acceptable.  Lenders are lenient when working with veterans.
• You won’t have to pay for private mortgage insurance, even though you won’t have any equity in the home at purchase.  This is a unique feature of VA loans.
• You can select from several different mortgage term length options.
• Some closing costs fees are eliminated and other can be rolled into the total loan amount.

VA Loan Requirements and Eligibility

Are you a veteran?  If so, you’re likely qualified for a VA loan.  The eligibility requirements are simple. You must have served in a branch of the US Armed Services for at least 90 days, and these days of service must have occurred consecutively.  The exact length of service required will depend on when you served.  If you meet these requirements and haven’t been dishonorably discharged at any time, you are eligible for a VA loan and are ready to contact the VA office to obtain for your certificate of eligibility. 

Once you have this document, contact a VA loan specialist to finish applying for your VA loan. Other qualifying factors will apply, including a credit score of at least 620, so make sure you gather all the appropriate information and documents the VA loan specialist requests. 

VA Refinance

If you’re a veteran and you wish to refinance a mortgage you already have in place, you can do so through a Virginia VA Streamline refinance.  This refinance option is among the most financially beneficial loan type offered in the mortgage marketplace.  Fees are eliminated and just minimal paperwork is needed, allowing you to swiftly and affordably take on a new VA loan to replace your current mortgage debt.

For borrowers who want to access home equity in the form of cash, the VA Cash-Out refinance is also available. The Cash-Out option can be used to refinance into a VA loan as well, if a veteran homeowner's current mortgage is backed by another entity. 

Virginia VA Mortgage Rates

If you’re able to get a low mortgage rate on your VA loan, you’ll save a lot of money compare to other loans.  This is because VA loans are already advantageous in many ways.  Their low risk status incentivizes lenders to offer lower rates.  But you must conduct thorough research in your area to determine what standard rates are being offered in the marketplace, otherwise you may unknowingly end up with a high rate.  Contact at least four or more lenders and compare mortgage rates among them.

VA Lenders in Virginia

Fill out the form above to get started researching and contacting lenders in your part of Virginia.  If you need help understanding mortgage rates, the VA application process, or VA loan limits in the area, ask any of these lenders and they will assist you.  For additional help and resources, contact the Department of Veteran Affairs.

Virginia Military Information

Virginia is a major national military center and is home to 16 significant military bases.  A few of these bases are Langley Air Force Base, Fort Monroe, Fort Myer, Fort Story, Fort Belvoir, and Norfolk Naval Station.  Many veterans emerge from these facilities prepared to purchase homes, and the VA home loan can help.

VA Loan Lending Limits in Virginia

Lenders in: Virginia.