VA Loans

VA Loans

VA loans are home mortgages backed by the U.S. Department of Veterans Affairs as a benefit for qualifying veterans and military personnel. their purpose is to make it easier for service members and their families to obtain financing for buying a house. Not everyone qualifies so please read the VA loan requirements and guidelines below.If you have any questions, give us a call or open up a chat. One of our mortgage experts will gladly explain the ins & outs of VA loans. Fidelity Residential offers competitively low VA rates with no loan origination fees. See if you pre-qualify for a VA loan in just a few minutes!

Key Benefits

• No down payment required in most cases
• No monthly mortgage insurance (PMI)
• Typically lower interest rates than other loan types
• Flexible credit guidelines

General VA Loan Requirements

• At least 181 days of active duty service (90 days during wartime), or 6 years of National Guard service, and not dishonorably discharged.
• Spouses may be eligible if the member was killed in the line of duty, or died from service related injury or illness, is missing in action, or is a prisoner of war.
• A Certificate of Eligibility (COE) is needed, which can be obtained from Veteran Affairs here.
• A 580 minimum credit score is needed for consideration. Loans over $700,000 will require at least a 640 score.
• While no down payment is needed in most cases, a funding fee ranging from 1.25% - 2.40% for home purchases may be required.
• Veterans rated disabled are exempt from the funding fee.