What is a VA home loan?

VA loans are home mortgages backed by the Department of Veterans Affairs (VA). With a VA loan, eligible service members and veterans can buy a home with little or no down payment, or refinance an existing home to get cash out or a lower monthly payment.

As an approved lender for the VA Home Loan Guarantee Program, Fidelity First Funding can offer service members, veterans, and eligible surviving spouses favorable terms on all types of home mortgage products. And if you don’t meet the qualifications for a VA loan, FHA loans offer similar advantages, including lower down payment requirements.

Benefits and considerations

Low or no down payment

A VA mortgage loan requires little or no money down at closing – a valuable benefit that’s unique to the VA home loan program.

Lower monthly payments

Because the VA guarantees a portion of your loan, you won’t need to pay mortgage insurance premiums – a significant monthly savings.

Simplified approval process

VA loans were designed to offset common financial challenges faced by military families and veterans, and to simplify the approval process.

Requirements and qualifications

• Military members – To be eligible for a VA loan, you must be an active-duty or former member of the armed forces with at least:
  • 90 days of consecutive service during wartime, or
  • 181 days of service during peacetime, or
  • 6 years of service in the National Guard or reserves.
• Surviving spouses – Spouses of service members who died in the line of duty or as the result of a service-related disability.

You will need a Certificate of Eligibility from the VA to show that you meet these requirements. Your mortgage loan officer can help you obtain this certificate.