VA Home Loans
Home for the brave and the free.
Our VA Home Loans
VA loans are government-backed loans intended to help eligible service members, veterans, and military spouses to purchase homes. These loans come with great rates and payment terms, and require no down payment. Learn more about our VA home loans and how your sacrifice is rewarded is some small measure.
About VA Home Loans
If you are a veteran, thank you for your service! The entire Old Town Lending team appreciates the sacrifices you have made in defending our country. If you are reading this, then you are most likely considering buying a home and would like to know more about VA loans. VA home loans are a terrific benefit that can help you get into your dream home.
A VA loan is a low or zero-down payment mortgage option offered to eligible veterans and active duty service members and their families. VA loans are partially backed by the Department of Veterans Affairs (VA) and are issued by private lenders. Old Town Lending is an approved VA lender, and has closed millions in VA Loan transactions.
- In many cases, there’s no required down payment. That’s right! A good portion VA loans are able to offer 100% financing to qualifying veterans.
- No PMI. One of the most significant benefits of a VA home loan is that there is no private mortgage insurance (PMI), regardless if you do not place any money down.
- No restrictions to where you buy or for how much. The Department of Veterans Affairs does not have a limit to how much you can borrow but, keep in mind, you do still have to qualify with proof of income and employment.
Some other VA loan benefits may include:
- Better terms and interest rates.
- No penalty fees for paying your loan off early.
- Fewer closing costs.
- Eligibility: VA loan eligibility standards differ depending on your status in the military. There are four primary categories that the Department of Veterans Affairs will assess your eligibility from. These categories are active duty, veteran, Military Reserves or National Guard, and military spouse. You can reference the VA loan program eligibility requirements here.
- Credit score: The VA does not specify a minimum credit score; however, the actual lender might. The VA only guarantees a portion of the loan to the lender.
- Down payment: The VA no longer has limits on their loans; however, the lender will determine how much you can borrow.
- A low debt-to-income ratio: Your total monthly debt is less than 41% of your total gross monthly income. But borrowers with higher DTI ratios can get approved if they have enough "residual income," another factor lenders consider when reviewing mortgage applications.