VA Home Loans
Are you a veteran feeling like homeownership is out of reach? Think again.
On average, Homesite Mortgage approves 98% of veterans with a credit score of 580 or above.
At Homesite Mortgage, we specialize in helping veterans refinance or purchase the homes of their dreams.
We hope that offering VA home loans is one way we can thank our country’s servicemen and women. Homesite has several veteran loan officers that are passionate about helping servicemen and women realize their dreams of homeownership. Many of our loan officers have personally been through the VA home loan process and carry both industry and personal knowledge of how to best leverage VA home loans to your advantage.
What is a VA Home Loan?
A VA home loan is a home loan offered to veterans, active duty military personnel, and spouses or widow(er)s of serviceman and women. VA home loans are guaranteed by the U.S. Department of Veteran Affairs. VA home loans offer many benefits and attractions that make the home-buying process simpler and with fewer expenses.
Why a VA Home Loan?
There are many benefits to VA home loans that make them highly appealing to veterans, active duty military personnel, and spouses or widow(er)s of serviceman and women.
- No Down Payment Required
- No Private Mortgage Insurance Required
- Lower Interest Rates Available
- Low Credit Scores Accepted—as low as 580!
- Loans are Government-Guaranteed
- Less Documentation Required
- Restrictions on Additional Fees
- Assumable Mortgage
- No Restrictions on Gifted Funds
Support the American Legion by Partnering with Homesite Mortgage
For each closed VA home loan, Homesite Mortgage will donate $250 to your local American Legion chapter. Homesite is extremely grateful for the service of our military service members and are proud to support the American Legion and its mission.
The American Legion is the nation’s largest wartime veterans service organization, and committed to supporting the veterans in their local communities. Homesite Mortgage hopes that the donations can be used to support veterans in their post-service needs as they settle back into civilian life.
What Options Exist for VA Home Loans?
- Purchase Loans
- New Construction Loans
- Cash Out Refinance
- Debt Consolidation
VA Home Loan FAQs
Is there a limit to how many times veterans can use their VA benefits?
Veterans can use their VA benefits to refinance or purchase a home multiple times. There is no limit!
What cash-out refinancing options do VA home loans offer?
VA home loans allow for 100% cash-out refinancing, which can be used for anything—pay off debt, make home improvements, or for whatever other reasons you need cash.
What is the maximum VA home loan limit?
VA home loans do not have a maximum loan amount. You could receive a $5,000,000+ VA home loan if you wanted to—there is no limit!
Do VA home loan refinances require an appraisal?
Refinancing an existing VA home loan does not require an appraisal in most cases.
How challenging is it to qualify for a VA home loan?
VA home loans are typically easier to qualify for than other programs. The underwriting guidelines are less strict regarding a borrower’s income limit, especially if the veteran has a good credit history.
Can veterans lower their monthly mortgage payment with a VA home loan?
VA home loans offer lower payment options since you will never have mortgage insurance on a VA home loan, regardless of how much you owe or what the property is worth.
Can an active-duty military member still use their VA benefits for a mortgage even if they are away from home?
Active-duty military members are allowed to use their VA benefits to purchase a home for their family even if they are away or on tour.
Can spouses of veterans use VA benefits to qualify for a mortgage?
Widows and widowers of veterans who have died from a military service-related disability can also qualify for a VA mortgage.
How long do veterans need to have served to qualify for a VA home loan?
Veterans who served during a time of war could qualify for a VA home loan with as little as 90 days of active duty service depending on the qualifying wartime.
What is the required down payment for a home purchased with a VA home loan?
VA home loans allow for $0 down payment for most purchases. Additionally, if a down payment is provided, the funding fee—which is always financed (if applicable)—is significantly reduced.