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VA Mortgage Loans in Richmond, VA


What Is a VA Home Loan?

A VA loan is a mortgage backed by the Department of Veterans Affairs (VA) that allows military veterans, current service members, reservists and in certain situations surviving spouses to purchase a home with little or no money down. Available for purchases, refinances, cash out and streamlines (IRRRL). The VA loan allows for up to 100% of the home’s value to be liquidated and in most cases doesn’t require monthly mortgage insurance. Depending on the certificate of eligibility (COE) the applicant may or may not have to pay a funding fee to the VA, most instances that fee can be included in the new loan.

Advantages: 100% financing, credit scores as low as 550, higher debt to income allowances, and no money required to purchase in most cases.

Programs: Purchase, Cash out, IRRRL.

Benefits of VA Loans:
  • You can buy a home with no money down
  • You can refinance your home up to 100% of the value of your home
  • You never have to pay PMI (Private Mortgage Insurance)
  • Sellers can pay your closing costs
  • The government insures the loan so that there is much less risk to the lender
  • Disabled Veterans may qualify for a waiver of the Funding Fee
Who is Eligible For a VA Loan?

In most cases, any active duty or honorably discharged service members are eligible for a VA loan.  If the criteria below describe you, you may qualify for a VA Loan:

  • I served 181 days during peacetime. (Active Duty)
  • I served 90 days during wartime. (Active Duty)
  • I served 6 years in the Reserves or National Guard
  • I am the spouse of service member who was killed in the line of duty
  • I currently receive disability payments from the VA

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