Fairfax Mortgage Investments has decades of experience helping members of our nation’s military to obtain the home they’ve always dreamt of. VA Home Loans are special loans with unique benefits to help active service members, veterans, and eligible surviving spouses become homeowners. Although VA Home Loans are provided by private lenders, they are guaranteed by the US Department of Veteran Affairs—meaning the private lender is protected against loss if you fail to fully repay the loan. Lenders typically determine their rates based on the amount of risk associated with the loan (among a few other factors), meaning the VA guaranty allows lenders to offer more competitive closing costs, terms, and interest rates for eligible candidates.
VA Home Loan Benefits and Requirements
- In most cases, no down payment is required on a VA guaranteed loan
- Borrowers usually receive lower interest rates than are available through other types of financing
- Closing costs are comparable, and oftentimes lower, than other types of financing
- No requirement for private mortgage insurance, lowering costs for lenders
- You have the right to prepay your loan without penalties
- VA Mortgages can be taken over, or “assumed”, by the new buyer if you sell your home (new buyer must be VA eligible as well)
- Counseling and personal assistance is available to borrowers who undergo financial difficult or face default on their loan
- Candidates must have satisfactory credit, sufficient income, and a valid Certificate of Eligibility to be eligible for a VA-guaranteed home loan
- Veterans are considered eligible if they meet certain requirements by the VA, which vary depending on whether you served in wartime, peacetime, or were separated from service
- The Spouse of a Veteran can apply for VA home loan eligibility under one of the following conditions:
- Unremarried spouse of a veteran who died while in service or from a service connected disability, or
- Spouse of a servicemember missing in action or a prisoner of war
- Surviving spouse who remarries on or after attaining age 57, and on or after December 16, 2003
- Surviving Spouses of certain totally disabled veterans whose disability may not have been the cause of death
- Certain U.S. citizens who served in the armed forces of a government allied with the United States in World War II
- Individuals with service as members in certain organizations, such as officers of the Public Health Service or the National Oceanic & Atmospheric Administration
Financing Your Home with Fairfax Mortgage Investments
Since our founding over 30 years ago, our team of Northern Virginia natives has helped hundreds of active duty servicemen, veterans, and other eligible candidates obtain the financing they need for their new home. We make the process easy and straightforward for our clients by doing the legwork for you, including handling all documentation and eligibility processes, from messy tax returns to meeting credit requirements. We don’t shy away from hard work: our loan officers are known to work closely with clients for a full year if needed.
How it Works
What are they used for?
- VA Home Loans can be used to buy a home, build a home, or improve a home with energy efficiency improvements approved by the lender and the VA
- Energy efficient features can include:
- Solar panels
- Efficient Heating/cooling systems
- Efficient Water Heaters
- Home Insulation Improvements
- Installation of Storm Windows or Doors
- Energy efficient features can include:
- To issue a guaranty against borrower default to a lender, the VA charges a funding fee which must be paid in cash by the buyer or seller, or financed in the loan amount
- The Department of Veterans Affairs does not impose a maximum amount that an eligible veteran may borrow using a VA loan, but does limit the maximum guaranty amount to $424,100 for 2017. There are, however, exceptions to the maximum guaranty amount in certain counties across the US.
Step by Step Process to Your VA Loan
- Select a VA-approved lender – Fairfax Mortgage Investments is fully VA-approved
- Obtain a certificate of eligibility
- Pre-qualify for your loan amount (optional)
- Find your new house or outline your home improvement/construction project
- Sign a purchase agreement
- Application processing and evaluation by Fairfax Mortgage Investments
- Fairfax Mortgage Investments orders VA appraisal
- Closing day and move in
Have a question that wasn’t answered above? Check our blog or or Ask a Question to get a 100% commitment-free, non-binding answer from one of our experienced loan officers.
If you’re ready to get started, Apply Now with our easy-to-use form and we’ll take it from there!