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VA Loan Information

Are you a military veteran or the surviving spouse of a military vet? If so, you may want to see if you are eligible for a VA loan. A VA loan is a mortgage loan that is guaranteed by the US Department of Veterans Affairs. Only qualified lenders may offer these types of loans.

The VA direct home loan program was created with the intention of providing affordable home financing to eligible veterans in parts of the country where other financing alternative were limited or just unavailable. These mortgage programs were set up so that veterans could purchase homes with little or no down payments. Though they were initially created for just active duty during specific periods, eligibility was expanded in 1992 under the Veterans Home Loan Program Amendments. This then allowed some reservists and national guards to become eligibly after meeting their eligibility requirements.

This 100% financing is a big benefit to many since it comes without the need to carry private mortgage insurance (PMI) or force the borrower to use a piggy back loan to finance a 20% second mortgage. The lack of any PMI allows for you to qualify for a larger mortgage with the same payment since more of the monthly mortgage payment goes to qualifying for the loan amount. Be aware that there are fees associated with these loans. VA funding fees typically run any where between 0-3.3% of the total loan amount. However, these fees can be financed back into the mortgage. If you are a disabled veteran you could qualify for a waver of these fees. One instance where you are not allowed to borrow 100% of the property value is when you refinance. Veterans are only allowed to bower 90% of the home value when refinancing.

Another advantage VA loans have over conforming loans is that the VA may insure a mortgage that has a monthly payment representing up to 41% of your gross monthly income as compared to a conforming loan that placed that limit at 28%. This is assuming however that the veteran does not have any other monthly debt payments.

So how big of a mortgage can I get using the VA loan? As of January 1st 2010, the maximum VA loan amount with no down payment was $417,000. These are however counties across the country specified as “high-cost counties”. These counties can have loan amount limits as high a $1,094,625. To find out if you live in a high-cost county visit

If you are eligible and looking for a qualified VA loan lenders you have come to the right place. can help you find an experienced VA lender who will help you get the best loan for your needs. Simply complete our free no-obligation form and compare up to 4 mortgage rate quotes fast. Rates are still low so act now before it is to late.

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