VA LOANS

Helping Veterans Move into Their Dream Homes



Learn More About VA Loans



A VA loan is a mortgage loan backed by the Department of Veterans Affairs. VA loans are only available to qualified active duty members, veterans, and family members of the U.S. Military. Qualified borrowers can buy a home with no down payment and a lower credit score. The VA loan program began in 1944 to help returning service members buy homes. To this day, the program continues to help qualified borrowers purchase their dream homes.



A Loan To Help Veterans Purchase Their Dream Home


What Are The VA Loan Benefits?

VA home loans offer flexible loan qualifications and appealing home loan benefits. Both of which are exclusive to military personnel, veterans, and their families.


Conventional loans are great loan option for those with modern to high income and those who have saved up for a down payment.

1. No Required Down Payment

In most cases, there is no required down payment with a VA loan. If the price of the home is over the appraised value or higher than the VA loan limit, you will need to pay a down payment.


2. No Private Mortgage Insurance

Since the government sponsors VA home loans, there is no Private Mortgage Insurance. As a result, Qualified buyers will experience lower closing costs and monthly payments.


3. Covered Closing Costs

In some cases, borrowers will pay all the closing costs associated with buying home. VA loans allow sellers to cover part or all the closing costs, though.


4. Limited Closing Costs

VA loan rules limit how much a borrower pays in closing costs. This means you might end up paying less in closing fees than with other loan options.

With a conventional home loan, you can eliminate PMI by putting 20% down on the home.



Your Journey Home


How to Apply for a Conventional Home Loan

The mortgage loan process, in general, can be intimidating and overwhelming. In reality, it all comes down to your mortgage consultant. You need someone who can walk you through the loan process, answer questions, and support your home goals. At GVC Mortgage, we act as partner for our clients to help them move into their dream homes.


The conventional loan process starts by getting pre-qualified for your future mortgage.

Step One: Get Pre-Qualified


You can do this step securely online in the matter of minutes. Once you fill out the short application, you’ll be on your way to knowing how much money you can borrow.

Talking to a mortgage consultant about your conventional home loan will help you understand the benefits of the program.

Step Two: Talk to A Mortgage Consultant


After filling out an application, a mortgage consultant will reach out to discuss your loan. They’ll be your point of contact through the entire process.

Underwriting a conventional mortgage is done to very of all your information.

Step Three: Underwriting


The type of loan you apply for determines the paperwork need for underwriting. An underwriter will review your information for accuracy.

You get the keys to your new home as soon as you've finalized the conventional mortgage loan paperwork.

Step Four: Close On Your Loan


Once approved, your mortgage consultant will schedule your closing. You’re now in the final stages of the process.


VA Loan Quick Contact Form

Contact us using the form below and one of our mortgage consultants will respond to you shortly.

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Frequently Asked Questions

Throughout the VA home loan process, you might have tons of questions. Part of our job as your mortgage consultant is to answer those questions.


How much do I need for an VA loan down payment?



 

The VA loan program is unique in that, for qualifying borrowers, there is no required down payment. If the price of the home you is higher than the local loan limit or the appraised value, you may need to pay a down payment.

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What are the credit score qualifications for a VA loan?



 

The VA does not currently enforce any credit score minimums, but mortgage lenders do. To learn about credit score minimums, contact a mortgage consultant.

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What are the VA loan limits?



 

In general, the most a homebuyer can borrow using a VA loan is $417,000. However, there are some circumstances in which a homebuyer can borrow more. If the cost of living is higher in the county the home is in, then the limit of the loan might be higher. To learn more about the limits in your area, contact a mortgage consultant.

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Do I have to pay mortgage insurance with a VA loan?



 

VA loans do not require either type of Mortgage Insurance. There is a one-time funding fee required with VA loans. The funding fee depends on the loan balance, your down payment, branch of the military, and if it’s your first VA loan.

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What are closing costs and do I have to pay them with a VA loan?



 

Closing costs are any expenses that you might have to pay over and above the price of the property. These costs can, but don’t have to include: origination fees, discount points, appraisal fees, title searches, and taxes.

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Are you ready to purchase your dream home?

Getting started with your VA loan isn’t as complicated as you might think. We’ve eliminated paperwork and streamlined the process to get you into your dream home. Our mortgage consultants are ready to help guide you through the process.


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