What are the benefits of a VA loan?

A VA loan is popular program for active military personnel, veterans, and their families


no required down payment is a benefit of a VA loan

No required down payment

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


no private mortgage insurance is a benefit of a VA loan

No PMI

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


covered or limited closing costs is a benefit of the program

Covered or 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. The program allows sellers to cover part or all of the closing costs.





Bailey and Wood can help you get a VA loan


Steps to a VA loan


Step 1 | Get pre-approved


Our mobile app, Mortgage Express, helps you get pre-approved quickly. It’s secure and you can upload all required documents straight into the app to save you time and energy.


Step 2 | Talk to a Mortgage Consultant


Your mortgage consultant will keep you and your agent updated every step of the way with our Milestone Updates.


Step 3 | Close on your loan


Your consultant will assist you with everything you need and help you setup your closing appointment.


VA quick contact form

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


Frequently asked questions


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


 

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


 

With this loan program neither type of Mortgage Insurance is required. There is a one-time funding fee required. 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 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 associated closing costs and do I have to pay them?


 

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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What are the loan limits?


 

In general, the most a homebuyer can borrow using a this loan program 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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Ready to get started with a VA loan?


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