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A VA loan is a mortgage backed by the U.S. Department of Veterans Affairs. It helps active-duty service members, veterans, and eligible surviving spouses to buy a home with no down payment and competitive interest rates. This benefit makes home ownership much more accessible for our heroes.

Generally, VA loans are available to active-duty military members, veterans, and some National Guard and Reserve members. To qualify, applicants must meet certain service requirements and obtain a Certificate of Eligibility (COE) from the VA.

The process typically starts with obtaining a Certificate of Eligibility (COE). Then, you’ll find a lender who can help you navigate the loan. After that, the lender will guide you through paperwork, approval, and finally, closing the deal on your new home!

While VA loans usually don’t require down payments, there may be closing costs and a VA funding fee. The funding fee is a one-time charge that varies based on several factors, such as your service history and if it’s your first time using a VA loan.

Yes, you can refinance an existing VA loan through a program called the Interest Rate Reduction Refinance Loan (IRRRL). This option may help lower your interest rate and reduce your monthly payments, making your mortgage more manageable.