VA Home Loans
A VA loan is a home loan guaranteed by the U.S. Department of Veterans Affairs. It’s one of the strongest benefits available to those who served.
VA loans have no monthly mortgage insurance and flexible credit guidelines. Veterans with full entitlement have no VA loan limit, although lenders set their own maximums. VA loans can be used to buy, to refinance to a lower rate (IRRRL), or to take cash out.
Who it’s for
How it works
The VA guarantees part of the loan, which lowers the lender’s risk. Instead of monthly mortgage insurance, most borrowers pay a one-time VA funding fee, which can be added to the loan. Veterans receiving VA disability compensation are generally exempt from the funding fee.
Your eligibility is confirmed with a Certificate of Eligibility (COE), which we can usually request for you online. The home must be your primary residence and must meet VA minimum property requirements.
What you need to qualify
- A valid Certificate of Eligibility based on your service
- Credit and income that show you can afford the payment (VA uses residual income as well as debt-to-income)
- Primary residence occupancy
- A property that meets VA minimum property requirements
Documents to have ready
- DD-214 (veterans) or a statement of service (active duty)
- Pay stubs, W-2s and/or LES
- VA disability award letter, if applicable (it can exempt you from the funding fee)
- Two months of bank statements
- Photo ID
How it works with Amerifi Lending
Frequently asked questions
Is there a VA loan limit?
For borrowers with full entitlement, the VA doesn’t set a loan limit. If you’ve used part of your entitlement before, county limits may affect your guaranty. We’ll check your entitlement for you.
Can I use my VA benefit more than once?
Yes. You can reuse your entitlement, and in some cases have more than one VA loan at the same time.
What is a VA IRRRL?
The Interest Rate Reduction Refinance Loan is the VA’s streamline refinance. It usually requires minimal paperwork and often no appraisal.
Can I take cash out with a VA loan?
Yes. A VA cash-out refinance can let you tap equity or refinance a non-VA loan into a VA loan. We’ll compare it with your other options.
Helpful guides
Related loan options
Ready to see what you qualify for?
Thank you for your service. Call or text us to check your eligibility and see what your VA benefit can do for you.
- No cost to find out what you qualify for
- Straight answers, no pressure
- We reply within one business day