VA Home Loans

Achieve homeownership with lower down payments through FHA loans — even with less-than-perfect credit.

VA loans for your home

As a service member, reserve member, veteran, or United States military spouse, you deserve the housing benefits available to you. One is the highly competitive U.S. Department of Affairs (VA) home loan, giving servicemen and women lower-than-average interest rates and costs, no private mortgage insurance (PMI), and little or no down payment.

For veterans and family

As a veteran or military spouse, you may qualify for a VA loan with competitive rates. Eligibility typically requires specific service periods for active duty, veterans, and National Guard or Reserve members. Certain surviving spouses may also qualify. For specific eligibility details based on your service history, connect with an AmeriSave Loan Expert.

VA mortgages

VA mortgages are your ticket to homeownership without the traditional down payment hurdles — qualifying veterans and service members can buy a house with zero down and no PMI. VA loans are often the best mortgage option for veterans.

Refinancing a veteran home loan

When you refinance a veteran home loan with an Interest Rate Reduction Refinance Loan (IRRRL), you can lower your current rate or switch from an adjustable to a fixed rate with minimal paperwork. VA cash-out refinancing lets you tap into your home equity for things like debt consolidation or renovations. You can also convert a non-VA loan to a VA-backed loan.

How VA loans benefit veterans

VA loans give veterans and service members some big advantages over other types of home loans You can also get lower interest rates even if you struggle with credit. Other benefits like no prepayment penalties and limited closing costs are the government’s way of extending the program and saying, “thank you for your service.”

Reduced costs

Veterans can save money buying their homes with benefits like no down payment, limited closing costs, and no PMI.

Lifetime benefit

You can apply for a VA loan even if you’ve already applied in the past.

Relaxed requirements

Your credit score should be at least 600 to qualify for the VA loan program.

Flexible fees

The VA loan’s flexible fee structure allows you to pay the fee upfront at closing or roll it into your loan and pay it over time, letting you keep as much money in your pocket as possible.

Apply for a VA mortgage

1 Check your eligibility

When you apply for a VA mortgage, you’ll need to meet certain requirements and request a certificate of eligibility. This shows that your service qualifies — active duty, veterans, and even some spouses can be eligible for the program.

2 Get preapproved

You don’t have to go through the loan process alone. AmeriSave will help you gather all the necessary paperwork and analyze your credit score, debt-to-income ratio, and income to help you shop smart within your price range.

3 Find your dream home

VA loans have certain livability and safety standards that homes must meet to qualify. Find a real estate agent familiar with the VA process to help you find the perfect home.

4 Make an offer

Rely on your real estate agent’s expert knowledge to help you navigate the ins and outs of submitting a VA offer on the home of your dreams.

5 Complete the loan process

Once you make an offer, AmeriSave will order a VA appraisal to assess the home’s value and condition. After that, your VA mortgage will go to underwriting for final approval.

6 Move into your new home

After underwriting approves your loan, it’s closing time. You’ll meet with your sellers and agent at a title company or attorney’s office, sign the necessary papers, and get the keys to your new home.

Veron M. | Lawrenceville, GA

The process has been very quick and easy for a first timer like myself. Being able to provide things on-line via chat & email lets me handle things while taking care of other tasks.

Sprak | Charles Town

I cannot imagine an easier experience with anyone else. Everyone is friendly, helpful and simply caring. Love working with them.

Jason S | Elephant Butte, NM

Fantastic. Great company and staff. Professional and quick. The process from beginning to end was painless and speedy. Would recommend with 10 stars.

Read Our Reviews

Frequently Asked Questions

VA loans can be extended to active-duty service members, veterans, and National Guard or Reserve members who meet certain service period requirements. Certain surviving spouses may also qualify.

As a veteran or military spouse, here’s how you could qualify for a VA loan:

Active-Duty Service Members: Serving members become eligible for a VA loan after completing 90 continuous days of active duty.
Veterans: Eligibility depends on the service period; generally, veterans who served at least 90 days during wartime or 181 days during peacetime qualify.
National Guard and Reserve Members: Eligibility is established after six years of service in the Selected Reserve or National Guard, or after 90 days of active-duty service under Title 32, Sections 316, 502, 503, 504, or 505, with at least 30 consecutive days.
Surviving Spouses: Unremarried surviving spouses of veterans who died in service or from a service-connected disability, or spouses of service members missing in action or prisoners of war, may be eligible. Additionally, surviving spouses who remarry after age 57 and after December 16, 2003, may also qualify.
Discharge Status: Eligibility requires a discharge status other than dishonorable. Individuals with an “other than honorable,” bad conduct, or dishonorable discharge may not be eligible; however, they can apply for a discharge upgrade or request a VA Character of Discharge review to potentially qualify.

You must live in the home you are purchasing or refinancing as your primary residence and have a Certificate of Eligibility, which you can obtain from the Office of Veterans Affairs. You must also meet income requirements to show you can meet the expected monthly obligations and have a credit score of 600 or better, depending on the loan amount (640 for loans of $700,000 or more.)

With VA home loans, the VA guarantees a portion of your loan so that lenders can offer you zero down payment, competitive rates, and no PMI. You still borrow from a regular lender, but with the government’s backing, you get special mortgage treatment while focusing on your next chapter instead of scraping together a down payment.

The U.S. Department of Veterans Affairs (VA) guarantees these loans, which private mortgage lenders — including AmeriSave — offer to United States military members.

VA loans are often the best mortgage option available for veterans and could help you secure a lower rate than a conventional loan. You may have other mortgage options for which you qualify, such as a home loan backed by the Federal Housing Authority (FHA) if you meet income requirements. To find the best loan for you, contact one of our Loan Experts, who will gladly review the criteria and benefits of different types of government-backed loans and make a recommendation.

Every mortgage lender has different criteria and loan and interest rate options. AmeriSave will customize a loan that meets your needs and qualifications, with the best interest rate and lowest down payment possible. Getting mortgage preapproval shows sellers and real estate agents proof you can afford the homes you’re shopping for.

You may need to pay the VA funding fee, which is a one-time fee, and certain closing costs. Because the VA home loan program doesn’t require home buyers to make down payments or carry monthly PMI, the VA funding fee helps lower the program’s cost to taxpayers. Those who h`ave a service-connected disability and are eligible for VA compensation are not required to pay the fee.

Military veterans have two options to refinance a veteran home loan. The IRRRL (Interest Rate Reduction Refinance Loan) is a faster way to swap your existing VA loan for one with better rates thanks to minimal paperwork and no appraisal headaches. If you need cash, a VA cash-out refinance lets you access your home’s equity while possibly getting better terms.

Bonus entitlement enables borrowers to have more than one VA loan outstanding at a time. Such loans may require you to make a down payment, depending on the loan amount and home price.

VA loan guidelines are more lenient than conventional loans regarding bankruptcy and foreclosure. If you filed for bankruptcy and it was discharged more than two years ago, you may still be eligible for a VA loan. If your bankruptcy was related to a business you owned, you may be eligible for a VA loan in as little as 12 months after discharging the bankruptcy. Likewise, a home foreclosure does not necessarily disqualify you from VA home loan eligibility. If you foreclosed on a home two or more years ago, it should not affect your ability to apply for a VA home loan.

Ready to get started?

Get Started and Talk with a Loan Expert