Home Financing That Honors Your Service

What Is a VA Loan?

A VA loan is a government-backed mortgage issued by approved lenders. Because the VA guarantees a portion of the loan, lenders can offer more flexible terms than many conventional mortgages. VA loans can be used to purchase a primary residence, build a home, or refinance an existing mortgage. They are available only for a primary residence, not for investment properties or vacation homes.

Benefits of VA Loans

VA mortgages stand out for reasons that help military families keep more money in their pockets:

• No down payment for qualified borrowers. Many eligible buyers can finance 100% of the purchase price, so they can buy sooner and keep their savings.
• No private mortgage insurance (PMI). Skipping monthly PMI lowers your housing payment compared with many low-down-payment loans.
• Competitive interest rates. VA loans are known for competitive rates, which can add up to long-term savings.
• Flexible credit guidelines. The VA does not set a minimum credit score, though lenders may have their own standards.
• Limited closing costs. VA rules restrict which fees a veteran can be charged.
• No prepayment penalty. You can pay your loan off early without extra fees.

VA Loan Eligibility Requirements

Eligibility depends on your service history. In general, you may qualify if you are:

• A veteran who served the required length of active duty and was discharged under conditions other than dishonorable
• An active-duty service member who has met the minimum service requirement
• A National Guard or Reserve member who meets the service criteria
• The surviving spouse of a service member who died in service or from a service-connected disability

To confirm your eligibility, you need a Certificate of Eligibility (COE). Mike can walk you through how to get yours so there are no surprises during the application. You will also need to meet standard lender requirements for income, employment history, and credit.

VA Loan Options: Purchase and Refinance

VA purchase loans. Whether you are buying your first home or relocating with a PCS move, a VA purchase loan can make homeownership more affordable and accessible.

VA Interest Rate Reduction Refinance Loan (IRRRL). Already have a VA loan? An IRRRL, often called a VA streamline refinance, can help lower your interest rate or move you from an adjustable rate to a fixed rate, often with simplified documentation.

VA cash-out refinance. Eligible homeowners may be able to refinance and tap into home equity to pay off debt, fund repairs, or cover other major expenses.

Thinking about a refinance? It helps to know how repayment works first. Our guide on what is mortgage amortization explains how each payment splits between principal and interest.

Understanding the VA Funding Fee

Most VA loans include a one-time funding fee, which helps keep the program running for future generations of veterans. The amount depends on your loan type, down payment, and whether you have used your VA benefit before. Veterans receiving VA disability compensation and certain other borrowers may be exempt. Mike will explain exactly what applies to you and how it affects your costs.

The VA Loan Process: What to Expect

1. Consultation. Talk with Mike about your goals, budget, and timeline.
2. Eligibility and pre-approval. Confirm your COE and get pre-approved so you can shop with confidence.
3. Home search. Work with your real estate agent to find the right property.
4. VA appraisal. The VA requires an appraisal to confirm the home’s value and that it meets minimum property standards.
5. Underwriting and closing. Mike keeps you updated and keeps your paperwork moving until you get your keys.

Want to see what goes into a monthly housing payment before you start? Read our guide on the payment on a 400k mortgage for a plain-language breakdown.

Why Choose Mike Whitener for Your VA Loan?

The right loan matters, and so does the person guiding you. With Mike Whitener, you get:

• Personalized mortgage solutions matched to your finances and goals
• Transparent communication so you understand your options and costs
• Responsive support from application through closing
• A range of loan programs including FHA, conventional, jumbo, doctor loans, and down payment assistance, in case another option fits better

Mike Whitener helps homebuyers find the right loan for their situation. Options include down payment assistance, jumbo loans for higher-priced homes, doctor loans for medical professionals, conventional loans, FHA loans for flexible qualifying, and VA loans for veterans and service members. Whatever your goals, there’s a program to fit your path to homeownership.