VA Loans

This no-down-payment loan option was created for qualified veterans, service members and their spouses.

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Who Are VA Loans Best For?

VA loans are an excellent mortgage option for qualified veterans, service members and their spouses.

VA loans are a cost-effective option because there s no down payment requirement in most cases and they often come with lower interest rates. Because of their more lenient requirements, VA loans are also great for people who have had past credit problems or have a high debt-to income ratio.

How Do VA Loans Work?

VA loans are backed by the Department of Veterans Affairs, which means they pose less of a risk to lenders. Because of this, they come with more favorable terms for borrowers and are easier to qualify for.

VA loans come with fixed or adjustable interest rates, plus a range of loan terms.

How Do I Qualify For A VA Loan?

  • A Certificate of Eligibility (COE) to show that you re an eligible active duty service member, veteran or surviving spouse
  • Minimum FICO® Score of 62
  • Debt-to income ratio (DTI) of no more than 60%
  • Payment of a funding fee charged by the VA, which may be rolled into your loan. Some borrowers may be able to avoid paying this fee.

Take the first step toward the right mortgage.

Apply online or over the phone. Our team at F5 Mortgage would love to help!

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VA Loan Benefits

  • Very low interest rates are available for those who qualify for VA Loans.
  • VA Loans are backed by the Department of Veteran Affairs.
  • You can pay off your mortgage at any time without prepayment penalties.
  • Your interest rate is fixed for the life of the loan, so you don’t have to worry about rising rates.
  • You can usually do a 100% loan to value (i.e., 0% down payment)
  • You can refinance your primary home for up to 100% of its value.

Refinancing with an VA loan has some great benefits, too:

  • There is a streamlined process available for VA Loan refinances that requires very few documents.

VA Loan Requirements

Service Requirements:

  • Serve 90 consecutive days on active duty during wartime, or
  • Serve 181 days on active duty during peacetime, or
  • Serve 6 years in the Reserves or National Guard, or
  • Be the surviving spouse of a service member who died while serving or due to a service-connected disability.

General Requirements:

  • You or a spouse must move into the home within 60 days. There are exceptions to this, including deployment.
  • It must be your primary residence, not a vacation home or income property
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