VA Loan

Borrowers can qualify for a VA jumbo loan or a VA Interest Rate Reduction Refinance Loan (IRRRL). Contact a FAM advisor who can help you learn about different VA loans and eligibility requirements.

The VA doesn’t provide financing but does guarantee the loan and sets the guidelines you’re working with an approved lender. Contact an FOA advisor to get the loan application process started.

A qualified veteran is someone who is in active service, or who has served and was honorably discharged from active duty in the Army, Navy, Air Force, Marine Corps, or Coast
Guard. Those who were discharged because of service-connected disabilities and non-remarried surviving spouses of a service member may also qualify.

Active Duty for Training in the Reserves or National Guard members who are not otherwise eligible may be eligible meeting VA additional requirements.

Every eligible veteran is entitled to $36,000 and lenders typically loan up to 4 times the entitlement amount without a downpayment. Loan limits are the same as Federal Housing Finance Agency limits. As of 2019, the VA loan limit is $484,350 for most loans.

Higher credit scores my be required for larger loan amounts, property types, and other factors. Contact an FOA advisor for more details about eligibility requirements.

Borrowers can pay off their VA loan early without any prepayment penalty. However, it’s important to keep in mind that paying down the loan amount early does not lower the monthly payment. The minimum monthly payment requirement stays the same regardless of the remaining balance.

VA loans are only designed for properties that will be your primary residence. VA loan financing for a second home or investment are not eligible.