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What is a VA Loan?

Veterans Affairs Home Loans are an exclusive benefit for eligible U.S. Military Service members, Veterans, and surviving spouses who wish to purchase, refinance, or improve a primary residence. Mortgages are offered by private lenders and guaranteed by the U.S. Department of Veterans Affairs (VA), which often allows these loans to be made available at lower interest rates than almost any conventional mortgage.

 

Over 20 million VA home loans have been issued since the G.I. Bill of Rights was passed by Congress in 1944. The original intention was to assist World War II Veterans in establishing their credit by guaranteeing a reasonably priced mortgage. Following years of war rationing and price controls, the VA home loan program was a major innovation that helped the Greatest Generation finance a stable future for their families. In fact, 20% of all single-family homes built between 1945-1966 were financed by G.I. Bill loans, meaning our Veterans continued to increase America’s economic prosperity long after their service had ended.

 

Updates and expansions in recent decades have allowed more eligible military families than ever to successively achieve the American Dream. Veteran home ownership is at nearly 80%, and the program saw a record 740,000 loan guarantees in 2017. At Global Equity Finance, we are proud to work with our nation’s finest to secure the most important investment of their lives, and we’re grateful for their dedicated service to this nation.

VA Loan Benefits

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Zero Down Payment​

If your loan amount does not exceed the appraised value and is below the funding limit for your county, you are not required to make a down payment.

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Lower Interest Rates & Fees​

VA interest rates are typically lower than conventional loans. Closing costs are limited. Funding fees can be rolled into the loan amount and reduced in cases of disability or for surviving spouses.

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No Insurance Premiums or Penalties​

Private mortgage insurance is not required, which reduces your monthly payments. Pay down your loan faster with no prepayment penalties.

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Lifetime Benefit​

VA Loans are available for eligible members to use for life, as many times as you wish. Use VA Loans to purchase your first home, your next home, refinance, or cash out equity.

Home loan options

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VA Fixed Rate Mortgage

Perfect for borrowers looking for interest rate stability and affordable payments for the life of the loan. Buy or build a single family home, condo unit in VA-approved development, or manufactured home/lot.

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VA Adjustable Rate Mortgage (ARM)

If you expect to receive Permanent Change of Station (PCS) Orders within five years, a 5/1 VA ARM can offer upfront savings and better flexibility for when you relocate.

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VA Streamline Refinance (IRRRL)

The VA Interest Rate Reduction Refinance Loan (IRRRL) allows you to refinance your current VA mortgage to a lower interest rate. Streamlined to make refinancing fast and painless, VA does not require verification of income, employment, bank accounts, credit score, or home appraisal.

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VA Cash Out Refinance

For homeowners who want to cash-out home equity to use for expenses such as paying off debt, school tuition, or home improvements. This option can also refinance a non-VA loan (such as FHA or USDA) into a VA loan, and finance up to 100% of the property value.

A MESSAGE FROM GLOBAL EQUITY FINANCE

“VA loans are an exceptional opportunity for our Veterans because there is no down payment, mortgage insurance is not required, and fees are capped depending on status. As a lifetime benefit, VA loans can be accessed multiple times as Veterans’ housing needs change.”

Roy Koldaro

NMLS ID #1241846 VP of Lending
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VA Fixed Rate Mortgage ​

Perfect for borrowers looking for interest rate stability and affordable payments for the life of the loan. Buy or build a single family home, condo unit in VA-approved development, or manufactured home/lot.

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VA Adjustable Rate Mortgage (ARM)

If you expect to receive Permanent Change of Station (PCS) Orders within five years, a 5/1 VA ARM can offer upfront savings and better flexibility for when you relocate.

iffrl

VA Streamline Refinance (IRRRL)

The VA Interest Rate Reduction Refinance Loan (IRRRL) allows you to refinance your current VA mortgage to a lower interest rate. Streamlined to make refinancing fast and painless, VA does not require verification of income, employment, bank accounts, credit score, or home appraisal.

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VA Cash Out Refinance

For homeowners who want to cash-out home equity to use for expenses such as paying off debt, school tuition, or home improvements. This option can also refinance a non-VA loan (such as FHA or USDA) into a VA loan, and finance up to 100% of the property value.

$1,000 BEST LOAN GUARANTEE​

VA loans are an exceptional opportunity for our Veterans because they offer the lowest rates in the nation, there is no down payment, and fees are capped depending on status. We also offer a $1,000 best loan guarantee: no other lender will beat our Veterans loan programs.

Roy Koldaro

V.P. of Lending

VA Loan Qualifications

  • Military Service: You or your lender must request a VA Certificate of Eligibility (COE) to verify you meet one of the following service minimums:
    • 90 days of continuous active duty during wartime
    • 181 days of continuous active duty during peacetime
    • 6 years of service in the National Guard or Reserves
    • Surviving spouse (who has not remarried) of a Servicemember who died in the line of duty, or as a result of a service-related disability.
  • Credit: Less that excellent credit may still be acceptable. Credit score verification is not required for VA Streamline Refinance (IRRRL).
  • Income: Borrowers expected to have sufficient income to cover monthly expenses, including their mortgage. Income verification not required for VA Streamline Refinance (IRRRL).
  • Veterans Affairs Home Loans feature varying qualifications and exceptions, but VA mortgage programs offer some of the most accessible loans available. Let a member of the Global Equity Finance team walk you through the requirements so we can find the smartest loan for your needs.

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Find your mortgage match today!