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VA Home Loans

VA IRRRL

A VA Interest Rate Reduction Refinance Loan (IRRRL) – also known as a VA Streamline Refinance – allows Veterans with an existing VA‑backed mortgage to replace their current loan with a new one at a lower interest rate. It’s designed strictly to reduce your monthly payment or switch from an adjustable‑rate to a fixed‑rate mortgage.

The IRRRL process is fast and easy because lenders can reuse your existing loan paperwork. In most cases, no appraisal or credit underwriting is required, and closing costs can often be rolled into the new loan.


VA Cash‑Out Refinance

Use your home’s equity to pay off high‑interest debt, fund renovations or pay for 

education with a VA Cash‑Out refinance.

Tap Your Equity with a VA Cash‑Out

With a VA Cash‑Out refinance you can replace your existing mortgage

 (VA or non‑VA) with a new VA‑backed loan that’s larger than the amount you owe. 

The difference between your new loan balance and what you currently owe is paid 

out to you as cash. You can use those funds for home improvements, debt 

consolidation, education expenses or any other purpose.

VA guidelines allow eligible veterans and service members to borrow up to 100% 

of their home’s value, though many lenders set their own lower limits. By leveraging

 the VA guarantee, you’ll enjoy no monthly mortgage insurance and potentially lower

 rates than conventional cash‑out refinances.


Buy Your Home with a VA Purchase Loan

Make homeownership a reality with no down payment, no private mortgage insurance, 

and competitive rates.

Why Choose a VA Purchase Loan?

VA Purchase loans are mortgages guaranteed by the U.S. Department of Veterans Affairs

 that allow qualified veterans, active‑duty service members and certain military spouses

 to buy a home with remarkable benefits. The VA guarantee enables lenders to offer 

terms that often beat conventional mortgages.

With a VA loan, you can purchase a primary residence with $0 down, borrow up to the

 maximum conforming loan limit and avoid expensive private mortgage insurance (PMI).

 Plus, there’s no penalty for paying off your loan early.


VA Renovation Loans

Transform your home by financing repairs and upgrades with a VA‑backed mortgage.

What Is a VA Renovation Loan?

A VA Renovation loan (also called a VA Rehab loan) lets you combine the purchase or 

refinance of a home with funds for qualified repairs and improvements. Instead of taking

 out a separate high‑interest loan or racking up credit card debt, you roll renovation costs

 into your mortgage and enjoy VA’s competitive rates and favorable terms.

VA renovation loans can be used to purchase a fixer‑upper or upgrade your current 

property. They focus on projects that improve the safety, function or energy efficiency

 of your home.

The Veteran Administration's Loan originated in 1944 through the Servicemen's Readjustment Act; also know as the GI Bill. It was signed into law by President Franklin D. Roosevelt and was designed to provide Veterans with a federally-guaranteed home loan with no down payment. VA loans are made by private lenders like banks, savings & loans, and mortgage companies to eligible Veterans for homes to live in. The lender is protected against loss if the loan defaults. Depending on the program option, the loan may or may not default.

Wartime/Conflict Veterans

  • Veterans who were NOT Dishonorably Discharged, and served at least 90 days
  • World War II – September 16, 1940 to July 25, 1947
  • Korean Conflict – June 27, 1950 to January 31, 1955
  • Vietnam Era – August 5, 1964 to May 7, 1975
  • Persian Gulf War - Check with the Veterans Administration Office
  • Afghanistan & Iraq – Check with the Veterans Administration Office
  • Veterans Administration website www.va.gov

Peacetime Service

At least 181 days of continuous active duty with no dishonorable discharge. If you were discharged earlier due to a service-related disability you should contact your Regional VA Office for eligibility verification.

  • July 26, 1947 to June 26, 1950
  • February 1, 1955 to August 4, 1964, or May 8, 1975 to September 7, 1980 (Enlisted), or to October 16, 1981 (Officer)
  • Enlisted Veterans whose service began after September 7, 1980, or officers who service began after October 16, 1981, must have completed 24-months of continuous active duty and been honorably discharged

Reserves and National Guard

  • Certain U.S. Citizens who served in the Armed Forces of a government allied with the United States during World War II.
  • Surviving spouse of an eligible Veteran who died resulting from service, and has not remarried.
  • The spouse of an Armed Forces member who served Active Duty, and was listed as a POW or MIA for more than 90-days.

A VA home loan must be used to finance your personal residence within the United States and its territories. You have choices for the type of home you purchase:

  • Existing Single-Family Home
  • Townhouse or Condominium in a VA-Approved Project
  • New Construction Residence
  • Manufactured Home or Lot
  • Home Refinances and Certain Types of Home Improvements

  • 100% Financing & No Down Payment Loans
  • No Private Mortgage (PMI)
  • No Penalties for Prepaying the Loan
  • Competitive Interest Rates
  • Qualification is Easier than a Conventional Loan
  • Sellers Pay Some of the Closing Costs
  • Can be combined with additional down payment assistance to reduce closing costs

You can apply for a VA Loan with any mortgage lender that participates in the program. In addition to the application requirements from your lender, you will need the following at application time:

Yes, your eligibility is reusable depending on the circumstance. If you have paid-off your prior VA Loan, and disposed the property, you can have your eligibility restored again. Also, on a 1-time basis, you may have your eligibility restored if your prior VA Loan has been paid-off, but you still own the property. Either way, the Veteran must send the Veterans Administration a completed VA Form 16-1880 to the VA Eligibility Center. To prevent delays in processing, it's advisable to include evidence that the prior loan has been fully paid, and if applicable, the property was disposed. A paid-in-full statement from the former lender or a copy of the HUD-1 settlement statement must be submitted.

  • VA Loans made prior to March 1, 1988 can be assumed with no qualifying of the new buyer. If the buyer defaults the property the Veteran homeowner may be liable for the funds.
  • Some sellers are hesitant to work with someone obtaining a VA Loan because it takes longer than a conventional loan to process.
  • Sellers are often asked to pay a portion of closing costs and therefore less likely to negotiate the sales price of the home.