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VA - FHA Options

Why a VA Loan?

It's simple ... Lower Rates. Lower Payments. $0 Down.

Find out why thousands of people are choosing Veterans United Home Loans and VA Mortgage to use their VA home loan benefit and allow us to help you:

  • Lower your monthly payment
  • Lower your interest rate
  • Purchase a home with $0 down

Purchase with $0 Down

  • A VA mortgage is one of the only loan programs that still allows the borrower to finance 100% of the home's value and purchase with $0 down.
  • Now more than ever banks are requiring large down payments for conventional loans. In many cases they require 10-20% down, putting home ownership out of reach for many prospective buyers.
  • How much will $0 down save you? Conventional loans will require a minimum of 5% down, and in many cases as much as 10% and 20%.

VA Loan Guidelines

Helping families get the most out of a VA Loan

VA Loan Guidelines vary based on a variety of factors but, if you serve, or have served in the military, it is likely you are eligible to use your VA benefits to get a VA Home Loan.

Below are some general guidelines, but you can get a free consultation from a VA Loan Specialist. Fill out this short form and a specialist can determine your eligibility, qualification level, and let you know your options based on your specific situation and circumstances.

Required Service for Eligibility

You May Be Eligible If Any One of the Following are True:
 • Served 181 days during peacetime (Active Duty)
 • Served 90 days during war time (Active Duty)
 • Served 6 years in the Reserves or National Guard
 • You are the spouse of a service member who was killed in the line of duty.

If you can say "Yes" to any of One these statements, congratulations, you may be eligible for a VA Loan! The next step is to get connected to a VA Loan Specialist who can help you maximize your VA benefits.

Certificate of Eligibility

The first step in getting your VA Home Loan it is get your Certificate of Eligibility. VA Mortgage has streamlined the process to help you get it quicker. Get more information on requesting your Certificate of Eligibility.

Using Your VA Benefits More than Once

Most people do not realize they can use their VA Home Loan benefits more than one time. In fact, you can use it multiple times and can even refinance your current home loan (even if it is a conventional loan) into a VA Refinance.
WHY an FHA Loan?
The Federal Housing Administration (FHA) runs several programs to promote home ownership. In most cases, FHA loans are mortgages obtained with the help of the FHA. With a small down payment, buyers can purchase a home. FHA loans make it easier for people to qualify for a mortgage, but they’re not for everybody.

What is an FHA Loan?

An FHA loan is a loan insured against default by the FHA. In other words, the FHA guarantees that a lender won’t have to write off a loan if the borrower defaults – the FHA will pay. Because of this guarantee, lenders are willing to make large mortgage loans.

Who Can Get an FHA Loan?

Almost anybody can get an FHA loan. There are no income limits – like you may find with first time home buyer programs. However, there are limits on how much you can borrow. In general, you’re limited to relatively small mortgage loans relative to home prices in your area. To find the limits in your region, visit HUD’s Website.

To qualify for an FHA loan, you’ll need to have reasonable debt to income ratios. In general, you have to be better than 29/41, but some programs allow up to 55%. In addition, you have to have decent credit. You don’t need wonderful credit to get an FHA loan; it just needs to be decent.

Why are FHA Loans so Great?

FHA loans are not for everybody. Nevertheless, they are a great help to some borrowers. FHA loans allow people to buy a home with a down payment as small as 3.5%. Other loans might not allow such a low down payment.

FHA loans offer a few other bells and whistles:

  • Easier to use gifts for down payment and closing costs
  • No prepayment penalty (a big plus for subprime borrowers)
  • An FHA loan may be assumable
  • Possible leniency during financial hard times
  • Funding for home improvement (through FHA 203k programs)


How do FHA Loans Work?

The FHA promises to pay lenders if a borrower defaults on an FHA loan. To fund this obligation, the FHA charges borrowers a fee. Home buyers who use FHA loans pay an upfront mortgage insurance premium (MIP) of 1%. They also pay a modest ongoing fee with each monthly payment.

If a borrower defaults on an FHA loan, the FHA uses collected insurance premiums to pay off the mortgage.

Why Not Use an FHA Loan?

You may find that FHA loans are not for you. An FHA loan may not offer enough money if you need a large mortgage. In addition, the upfront mortgage insurance premium (and ongoing premiums) can cost more than private mortgage insurance.

In many cases, you can still buy a house with a very little down using a standard loan (not an FHA loan). In particular, home buyers with good credit can find competitive offers that beat FHA loans.

As always, you should compare offers for FHA loans against other offers.