VA Loans: Helping Veterans Achieve Homeownership

If you’re a veteran, active-duty service member, or eligible surviving spouse, a VA loan could be your ticket to affordable homeownership. Backed by the U.S. Department of Veterans Affairs, VA loans are designed to provide favorable terms, lower costs, and flexible guidelines for those who have served our country.

One of the biggest advantages of a VA loan is that it typically requires no down payment and no monthly mortgage insurance, helping you save money both upfront and over the life of your loan. VA loans also feature competitive interest rates, often lower than conventional loan rates, making homeownership more attainable.

VA loans aren’t just for first-time buyers—they can be used to purchase single-family homes, condos, townhomes, and even some multi-unit properties (up to four units) as long as you plan to occupy the property. Plus, the VA loan program allows for refinancing, including Interest Rate Reduction Refinance Loans (IRRRLs) to lower your monthly payment or VA cash-out refinance options to access equity.

To get started, you’ll need a Certificate of Eligibility (COE), which confirms your VA loan benefits. From there, a VA-approved lender like the River City Lending Team can help you navigate the process, explain your options, and make sure you understand the benefits available to you.

With flexible credit and income requirements, VA loans are designed to help you achieve your dream of homeownership while keeping your financial goals in mind. If you’ve served our country, this loan program can give you a real advantage in today’s housing market.

FAQs

  • A VA loan is a mortgage program backed by the U.S. Department of Veterans Affairs designed to help eligible veterans, active-duty service members, and surviving spouses buy a home with favorable terms.

  • Eligible borrowers include veterans, active-duty service members, National Guard and Reserve members, and some surviving spouses. Eligibility is based on service requirements and discharge status.

  • No! One of the biggest advantages of a VA loan is that it typically requires no down payment, making it easier for eligible buyers to purchase a home.

  • No. Unlike FHA or conventional loans, VA loans do not require monthly mortgage insurance, which can save borrowers hundreds of dollars per month.

  • The VA funding fee is a one-time fee that helps sustain the VA loan program. It varies based on whether it’s your first VA loan, your down payment amount (if any), and your service category. Some veterans with service-connected disabilities may be exempt from the funding fee.

  • Yes! VA loans offer IRRRLs (Interest Rate Reduction Refinance Loans) for refinancing existing VA loans to a lower interest rate, and VA cash-out refinancing options for accessing equity in your home.

  • VA loans can be used for single-family homes, condos, townhomes, and some multi-unit properties (up to 4 units), as long as the borrower intends to occupy the property.

  • VA loans are generally more flexible than conventional loans. While there’s no strict minimum credit score, lenders typically look for a score of 620 or higher, along with a stable income.

  • VA loans are flexible with debt-to-income ratios, but lenders consider your monthly obligations when evaluating your ability to repay the loan.

  • Yes! Eligible borrowers can use their VA loan benefit multiple times, as long as they meet the VA eligibility requirements and have sufficient entitlement remaining.

  • Yes. VA loans can be assumed by another qualified buyer, which can be an attractive feature if you sell your home in the future.

  • Yes. VA loans allow for certain repairs to be included in the loan through the VA Minimum Property Requirements, but extensive renovations may require a separate construction loan or repair program.

  • Start by obtaining your Certificate of Eligibility (COE), then contact a VA-approved lender to discuss your options and start the pre-approval process.

  • VA loan closings are similar to conventional mortgages, usually taking 30–45 days depending on the lender and property type.

  • Your VA-approved lender, like the River City Lending Team, can walk you through the VA loan process, explain benefits, and help you find the right solution for your homeownership goals.