What is it?
Active duty service member
Current/former National Guard or reserve member*
Discharged member of the National Guard*
What You Need
A Certificate of Eligibility. The VA will issue you a Certificate of Eligibility if you meet their guidelines for type and length of service. If you do not have one already, we can apply for your Certificate of Eligibility for you.
A minimum FICO Score of 620.
A debt-to-income ratio (DTI) of no more than 60%. Estimate your DTI by adding your monthly debt payments (such as credit card and car payments) and dividing the total by your monthly income before taxes.
Money to cover the funding fee charged by the VA. This may be rolled into your loan. You may not have to pay this fee if one of these criteria applies to you
- You have a service-connected disability.
- You receive VA disability or have in the past.
- You are a surviving spouse who qualifies.
What is the difference between VA loans and other mortgage loans?
VA loans generally have lower rates than mortgages like a Conventional 30-year fixed mortgage. This is a chart with differences of a VA loan and a Conventional 30-year fixed mortgage.
|Down Payment||$9,000 (3%)||$9,000 (3%)|
|Interest Rate||3.000% *||3.130% *|
|Principle + Interest||$1,226||$1,247|
|PMI Mortgage Insurance||$0||$121 (0.50%)|
|Total Monthly Payment||$1,226 **||$1,368 **|
*Based on March 2021 rates
**Total Monthly Payment does not include taxes and insurance.
Underwriting approval is required and program requirements are subject to change at anytime without notice.