Designed to offer long-term financing to American veterans, VA mortgage loans are issued by federally qualified lenders and are guaranteed by the U.S. Veterans Administration. The VA determines eligibility and issues a certificate to qualifying applicants to submit to their mortgage lender of choice. It is generally easier to qualify for a VA loan than conventional loans.
What is a VA Loan?
A VA Loan is provided by the Veterans Administration and has no down payment.
Here’s how it works:
- 100% financing without private mortgage insurance or 20% second mortgage.
- A VA funding fee of 0 to 3.3% (this fee may be financed) of the loan amount is paid to the VA.
- When purchasing a home, veterans may borrow up to 100% of the sales price or reasonable value of the home, whichever is less.
- When refinancing a home, veterans may borrow up to 90% of reasonable value in order to refinance where state law allows.
Benefits of VA Loans
There are many benefits to VA Loans beyond just no down payment.
VA Loan Eligibility
VA Loans are available to active duty military, veterans, reservists and military spouses.
VA Loan Limits
Different counties have different limits on how much you can borrow for an VA Loan.
Get Pre-Approved for a VA Loan
If you are a veteran in Fairfax, contact Mortgage Center of America, Inc. at (703) 281-7425 for more information, or simply fill out the form on this page. We are conveniently located in Northern Virginia in the City of Fairfax. We offer a full line of VA Loans for all of your purchase or refinance needs including:
- No Money Down and No PMI VA Loans
- VA Loans up to 1.5 million
- VA Streamline Refinance Loans