VETERAN AFFAIRS LOANS
About VA Loans:
VA loans are backed by the Veterans
Administration and offered to veterans,
active duty service members, guardsmen,
reservists, and surviving spouses.
A valid Certificate of Eligibility will be
required to apply.
Key Features:
- 0% down payment
- No minimum credit score (lenders may have their own requirements)
- No PMI
- Funding fee may apply
- Loan limits up to conforming limits
- Primary residence only
- Requires a Certificate of Eligibility (COE)
| Loan Type | Min Credit Score | Down Payment | Upfront Fees | PMI | Max DTI (Debt to Income) | Primary Residence Only |
|---|---|---|---|---|---|---|
| Conventional | 620 | 3% | None | Yes (if <20% down) | 38-43% | No |
| FHA | 580 (3.5% DP) | 3.50% | 1.75% | Yes | 50-57% | Yes |
| VA | No minimum (varies by lender) | 0% | Funding fee | No | 60% | Yes |
| USDA | 640 | 0% | 1% | Yes | 41% | Yes |
| VHDA | 620 | 1% | Varies | Yes (if <20% down) | 45% | Yes |
| Jumbo | 680-720 | 10-30% | Varies | No | 38-43% | No |
*This chart is intended to provide a general overview and should not be considered a guarantee of terms or eligibility. Credit score requirements, interest rates, and other loan details may vary based on your individual financial profile. For personalized information and guidance, please reach out directly.
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Proud Member Of:
Common Loan Products
Conventional Loans
Conventional loans are the most common type of mortgage and are not government-backed.
VA Loans
VA loans are backed by the U.S. Department of Veterans Affairs and are available to eligible military service members, veterans, and surviving spouses.
VHDA Loans
Virginia Housing offers programs for both first-time and repeat homebuyers, helping make homeownership more affordable.
FHA Loans
FHA loans are insured by the Federal Housing Administration and designed for buyers with lower credit scores or limited down payments.
USDA Loans
USDA loans are insured by the U.S. Department of Agriculture and help buyers purchase homes in eligible rural and suburban areas.
Jumbo Loans
Jumbo loans are designed for high-value properties that exceed conventional loan limits.
Unique/Specialized Loan Products
Equity Line Loans
A Home Equity Line of Credit (HELOC) allows homeowners to access their home’s equity without refinancing their existing mortgage.
Renovation Loans
Renovation loans are designed for homebuyers and homeowners looking to finance repairs, upgrades, or remodeling projects.
Construction Loans
In Virginia, construction loans typically offer short-term financing that converts to a traditional mortgage once the project is complete.
