Loan Program
VA Loans
A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs that allows eligible Veterans, active-duty service members and some surviving spouses to buy a home with no down payment and no monthly mortgage insurance. Downriver has a large Veteran population, and this is one of the strongest programs available to them.
What it is
- A mortgage guaranteed by the VA and issued by approved lenders.
- Available for purchase, refinance and the VA Interest Rate Reduction Refinance.
- Requires a Certificate of Eligibility based on service history.
Who it's for
- Veterans and active-duty service members who meet service requirements.
- Certain surviving spouses of service members.
- Eligible buyers who want to keep savings intact rather than make a down payment.
Typical requirements
- Valid Certificate of Eligibility.
- The home must be your primary residence.
- A VA appraisal confirming value and minimum property requirements.
- A one-time VA funding fee applies unless you are exempt.
Guidelines vary by lender and change over time. Meeting these items does not guarantee approval, and all loans are subject to credit and property approval.
Advantages
- No down payment required on most purchases.
- No monthly mortgage insurance.
- Competitive pricing and limits on certain closing costs.
Trade-offs
- The funding fee adds cost unless you are exempt.
- Primary residences only.
- VA appraisal requirements can be strict on older properties.
FAQ
VA Loans: common questions
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