VA Home Loan

A VA Home Loan is a mortgage program backed by the U.S. Department of Veterans Affairs (VA), designed to help eligible veterans, active-duty service members, and surviving spouses buy or refinance a home. It offers zero down payment, no private mortgage insurance (PMI), and competitive interest rates, making homeownership more affordable for those who served. Jack Jacobs specializes in VA Loans and can guide you through the process.

VA Loans are available to:

• Active-duty service members with at least 90 consecutive days of service
• Veterans who meet minimum service requirements
• National Guard and Reserve members with at least six years of service or 90 days of active duty
• Surviving spouses of service members who died in the line of duty or as a result of service-related injuries

To confirm eligibility, you’ll need a Certificate of Eligibility (COE), which Jack Jacobs can help you obtain.

A Home Loans offer several unique advantages:

• No down payment required, making homeownership more accessible
• No PMI (Private Mortgage Insurance), unlike FHA or conventional loans
• Competitive interest rates, often lower than conventional loans
• Flexible credit and debt-to-income (DTI) requirements
• Limited closing costs, as the VA restricts what lenders can charge

No loan limits for most borrowers, meaning you can finance 100% of your home’s value
 

The COE verifies your eligibility for a VA Loan. You can obtain it through:

• The VA’s online portal
• A VA-approved lender (Jack Jacobs can assist you)
• Mailing a request to the VA with proof of service

Jack Jacobs will help you apply for your COE and ensure you meet all eligibility requirements.

The VA itself does not set a minimum credit score requirement, but most lenders prefer a score of 580-620 or higher. VA Loans are more flexible than conventional loans, so if you have lower credit, Jack Jacobs can help you find a lender willing to work with your financial situation.

VA Loans can be used to purchase:

• Single-family homes
• Condos (must be VA-approved)
• Multi-unit properties (up to 4 units) if one unit is your primary residence
• Manufactured homes (on a permanent foundation and VA-approved)
• New construction homes (some restrictions apply)

The home must be your primary residence—VA Loans cannot be used for investment properties or vacation homes.

There is no official loan limit for eligible borrowers with full VA entitlement, meaning you can finance 100% of the home’s value with no down payment. However, lenders will determine your borrowing power based on income, credit score, and debt-to-income ratio. Jack Jacobs will help assess your budget and find the right loan amount for your needs.

No! Unlike FHA and conventional loans that require mortgage insurance with low down payments, VA Loans do not require private mortgage insurance (PMI). This helps veterans save thousands over the life of the loan.

VA Loans do not require PMI, but they do have a one-time VA funding fee that helps sustain the program. The fee varies based on down payment amount and whether you’ve used a VA Loan before:

• First-time use with 0% down: 2.15% of the loan amount
• Subsequent use with 0% down: 3.3% of the loan amount
• With a 5-9.99% down payment: 1.5%
• With a 10%+ down payment: 1.25%
• Certain veterans, such as those with service-related disabilities, may be exempt from this fee.

Jack Jacobs will help you determine if you qualify for an exemption.
 

Yes! VA Loans are not a one-time benefit. If you’ve paid off your previous VA Loan or sold the home, you can restore your full VA entitlement and use it again. Even if you currently have a VA Loan, you may still have remaining entitlement to purchase another home. Jack Jacobs will help you determine your remaining benefits and options.

Yes, VA Loans offer two refinancing options:

• VA Streamline Refinance (IRRRL) – A low-documentation refinance option with no home appraisal required. Perfect for lowering your interest rate and monthly payments.
• VA Cash-Out Refinance – Allows you to tap into your home equity for home improvements, debt consolidation, or other financial needs. This option is also available to non-VA loan holders who want to switch to a VA-backed mortgage.

Jack Jacobs can guide you through your VA refinance options and help you secure lower payments or access home equity.

VA Loans have limited closing costs, as the VA restricts what lenders can charge. Typical fees include:

• VA Funding Fee (if not exempt)
  Appraisal Fee
  Title Insurance
  Loan Origination Fees (capped at 1%)
  Sellers can also cover some closing costs, helping reduce out-of-pocket expenses. Jack Jacobs will ensure you get the best possible terms on your VA Loan.

Applying for a VA Loan with Jack Jacobs is simple:

1. Obtain your Certificate of Eligibility (COE)
2. Get pre-approved to determine your budget
3. Find a home that meets VA requirements
4. Complete the loan application and underwriting process
5. Close on your home and move in!
   
   Jack Jacobs will guide you every step of the way to make the process smooth and stress-free.
   14. How long does it take to close a VA Loan?

VA Loans typically close within 30-45 days, but the timeline can vary based on appraisal, underwriting, and documentation. Jack Jacobs works to streamline the process and ensure a quick, hassle-free closing experience for his VA clients.

The first step is to get pre-approved! Contact Jack Jacobs today to determine your eligibility, budget, and loan options. Whether you’re buying your first home, refinancing, or using your VA benefits again, Jack is here to make homeownership simple and affordable for veterans and military families.