Veteran (VA) Mortgages - Summit Mortgage

Veterans Administration (VA) loans are provided to US service members and their spouses. It’s a small but helpful way of saying thank you for defending our nation. VA loans are provided to active duty, veterans, and reservists of the US Military, National Guard Members, and eligible surviving spouses.

Pros:

0% down
No set maximum debt-to-income ratios or minimum credit scores
Each loan is assessed on a case-by-case basis
More flexible qualifying requirements than standard conventional loans
Can be used for purchase or refinance

Cons:

Upfront funding fee for veterans without a disability rating
Appraisals are more thorough than a standard conventional loan
Most repairs need to be made by the seller before closing

Best for:

Service members, veterans, and surviving spouses looking to exercise the benefit they have earned through their service
Eligible borrowers looking to purchase a home without tying up their liquid assets in a large down payment

What are veteran home loan mortgages?

A VA home mortgage is a government-backed loan for purchase or refinance. These loans are available with fixed or adjustable rate options. Loan terms are generally between 10- to 30-years with attractive interest rates.

Terms for veteran loans

0% down payment
No mandatory minimum credit score
No maximum debt-to-income ratio

Veteran (VA) Loan

Fixed-rate or adjustable, attractive interest rates, 10–30 year term.

0%

Min. down payment
No

Min. credit score required
No

Debt-to-income ratio required

Check Rate

Am I eligible for a Veterans Administration (VA) loan?

Qualifying for a VA loan starts by determining your eligibility through the Veterans Administration. You can do that right using this link.

Quick homebuyer tools

Use these resources to calculate numbers and check your credit status.

Is a VA loan right for my financial situation?

Are you looking for an expert opinion on VA loans? A Summit Mortgage loan officer can help you determine if today is the right time for a veterans home loan.

Schedule a free consultation

A local Summit Mortgage loan officer has the expertise to guide your decision-making process, answer questions, and get you approved with the best VA loan program for your unique situation. Find a loan officer who’s right for you.

Calculate your potential savings

Use our mortgage calculator to estimate your monthly payment by adjusting factors like purchase price, down payment, interest rate, and term. Then, connect with a loan officer to explore mortgage and refinance options that fit your budget.

How do I apply for a VA loan?

Applying for a VA loan or determining if this type of loan is right for you is simple! Use our Quick Start Form to connect with a Summit Mortgage loan officer who can help guide you through the process.

Curious about what comes next? View our step-by-step application checklist to learn about the process and take your first step toward homeownership.

Get Started

Common veteran home loan questions

What is the VA home loan interest rate?

Current market conditions determine interest rates. VA rates are competitive with many other programs and often slightly lower than conventional options. To review rates, please contact a Summit Mortgage loan officer.
Can you build a home with a VA loan?

Yes, the Veterans Administration allows for financing new construction. Some restrictions apply. Contact a Summit Mortgage loan officer lender to discuss.
Can you refinance a VA home loan?

Yes, the Veterans Administration offers cash-out refinances or interest-rate reduction loans.
I’m still on active duty: Can I rent out my VA loan-purchased home?

Not right away, you must plan to use a home purchased with a VA loan for your primary residence for at least 12 months.
How long do I have to occupy a house I bought with a VA loan?

You must occupy your home within 60 days of closing. Your spouse can be used to meet this requirement if you are presently deployed or on active duty. The Veterans Administration can allow you to move in on a case-by-case basis for up to 12 months. Still, the home may not be rented out in the interim, and there must be an acceptable reason for the delay — typically relating to your service.
Do you pay closing costs with a VA loan?

Yes, there are closing costs for VA loans just like any other loan program. However, it is essential to note that there are limits and/or restrictions on some fees to protect veterans from high costs.
Can I use a VA loan to buy undeveloped land?

No, a VA loan cannot be used to purchase land by itself. You can use your loan to finance the construction of a new home. However, the land must be obtained through funding outside of the VA.

Is a veterans home loan right for you?

Schedule a free consultation with our mortgage experts

Summit Mortgage employs some of the most experienced loan officers in the country. Our in-depth knowledge of VA loans, combined with our commitment to understanding your goals, will ensure your homebuying experience is as smooth and rewarding as possible. Find a loan officer near you.

Next steps to find your home loan

Congratulations, you’re on your way to finding the loan that’s right for you. If you’re ready to get matched with a Summit Loan Officer to help you with the next steps, use our Quick Start Form.

If you’d like more information first, explore our online resources to learn about the key questions to ask your lender.

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