VA Home Loans
This no-down-payment loan option was created especially for qualified veterans, service members and their spouses.
- Minimum FICO® Score 620
- May not need a down payment
- No mortgage insurance
- Backed by the VA
VA Loans at a Glance
Who are VA Loans Best for?
VA loans are a more affordable option for qualified veterans, service members, and their spouses.
How Do VA Loans Work?
VA loans are backed, or guaranteed, by the Department of Veterans Affairs. There are different loan types with fixed or adjustable interest rates and a range of loan terms.
What are the Qualifications for a VA Loan?
To qualify for a VA loan, you’ll need:
- To meet the following criteria:
- Served at least 181 days of active service during peacetime OR 90 consecutive days during wartime.
- Served 6+ years with the National Guard or Reserves OR 90 days under Title 32 (at least 30 of those 90 days must be consecutive).
- A Certificate of Eligibility
- The VA will issue you a Certificate of Eligibility if you meet their guidelines for type and length of service.
- If you don’t have one already, we can apply for your Certificate of Eligibility for you.
- A minimum FICO® Score of 620.
- A debt-to-income ratio (DTI) of no more than 60%. Estimate your DTI by adding your monthly debt payments (such as credit card and car payments) and dividing the total by your monthly income before taxes.
- Money to cover the funding fee charged by the VA. This may be rolled into your loan. You may not have to pay this fee if one of these criteria applies to you:
- You have a service-connected disability.
- You receive VA disability or have in the past.
- You’re a surviving spouse who qualifies.
- You are a service member on active duty who has received a Purple Heart.
VA Loan Benefits
- You may not need a down payment.
- You can qualify with a lower credit score and more debt compared to conventional loans.
- You won’t need to pay mortgage insurance.
- You can use your VA loan benefit more than once – if you sell your home or pay off your mortgage, you can get another VA loan.
Refinancing with a VA loan has some great benefits, too:
- If you currently have a VA loan, you can refinance up to 100% of your home’s value to get cash out.
- If you currently have a VA loan and don’t need cash out, you may be able to refinance up to 120% of your home’s value.
VA · Earned Benefits
VA Property Requirements
- You or a spouse must move into the home within 60 days. There are exceptions to this, including deployment.
- It must be your primary residence, not a vacation home or income property
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Eligible · Primary Residence Only
VA Loan Questions
Do I need a Certificate of Eligibility?
The VA will issue you a Certificate of Eligibility if you meet their guidelines for type and length of service. If you don’t have one already, we can apply for your Certificate of Eligibility for you.
Who may not have to pay the VA funding fee?
The funding fee charged by the VA may be rolled into your loan. You may not have to pay this fee if one of these criteria applies to you:
- You have a service-connected disability.
- You receive VA disability or have in the past.
- You’re a surviving spouse who qualifies.
- You are a service member on active duty who has received a Purple Heart.
Can I use my VA loan benefit more than once?
You can use your VA loan benefit more than once – if you sell your home or pay off your mortgage, you can get another VA loan.
Can I buy a vacation home or rental with a VA loan?
It must be your primary residence, not a vacation home or income property. You or a spouse must move into the home within 60 days. There are exceptions to this, including deployment.
Start your application now!
Prefer to talk? Call (305) 503-8655 or message us on WhatsApp.
Programs subject to change without notice. Restrictions apply. All loans subject to credit approval and underwriting guidelines. TAG Lending Group, LLC · NMLS #2329372. This is not a commitment to lend.
Equal Housing Lender.