More than 21 million Veterans and service members live in the U.S., yet only about 6% have taken advantage of a VA home loan in the past five years. This percentage could be significantly higher if more Veterans understood the full scope of benefits this program offers.

Many Veterans and their families either aren’t aware of these advantages, believe the process is too complex, or haven’t worked with a lender knowledgeable about VA loans. Let’s clear the air and explore why a VA loan is one of the best mortgage options available.

  • Zero Down Payment: VA loans let eligible Veterans, active-duty service members, and some surviving spouses buy a home without needing a down payment.
  • Lower Costs: No private mortgage insurance (PMI) and often lower interest rates make VA loans more affordable than many other loan types.
  • Flexible Eligibility: You can reuse your VA loan benefit and even refinance with VA loan options like Streamline or Cash-Out refinancing.
  • Wide Property Options: Buy single-family homes, VA-approved condos, multi-unit properties (up to four units), or even manufactured homes (with land).
  • Exclusive Benefits: Protections like no loan limits (with full entitlement), seller-paid closing costs, and financial counseling if you face payment difficulties make VA loans uniquely supportive.

1. No Down Payment Required & No Mortgage Insurance

One of the standout features of a VA loan is the option to purchase a home with $0 down. This is a game-changer for many Veterans who may struggle to save enough for a down payment, especially with rising home prices.

For comparison, most other mortgage options require a down payment of at least 3.5% to 5%, translating to $8,750–$12,500 on a $250,000 home. With a VA loan, that upfront cost disappears, allowing Veterans to enter homeownership sooner.

Additionally, VA loans eliminate the need for private mortgage insurance (PMI). For other loans, PMI typically adds $100–$200 per month to your mortgage payment if your down payment is less than 20%. This means VA loans save Veterans hundreds of dollars monthly.

Pro Tip: The VA funding fee replaces PMI and can be rolled into the loan amount, so you won’t need to pay it upfront.

 

2. VA Funding Fee Exemptions for Disabled Veterans

If you have a service-related disability rating of at least 10%, you’re exempt from the VA funding fee. This can save thousands of dollars upfront and makes the VA loan even more affordable.

For Veterans who aren’t exempt, the VA funding fee is typically financed into the loan, allowing you to avoid an out-of-pocket expense at closing. The fee varies based on your service history and loan type, ranging from 0.5% to 3.6%.

Quick Fact: Veterans receiving VA disability compensation automatically qualify for a funding fee exemption.


3. The VA Loan Benefit Never Expires

One of the lesser-known benefits of a VA home loan is its reusability. Veterans can use this benefit multiple times throughout their lifetime, provided they meet certain requirements.

Here’s how:

  • Selling your home: If you sell a home purchased with a VA loan and pay off the loan in full, your entitlement is restored.
  • One-time restoration: If you’ve paid off your VA loan but still own the home, you may be eligible for a one-time restoration of your entitlement.

Even Veterans who served decades ago can still use their VA loan benefit. Eligibility is based on service duration and time period, so it’s worth checking your status.

To verify your eligibility: Obtain your DD Form 214 and work with a VA-approved lender or access the VA’s eBenefits portal.


4. Surviving Spouses Are Eligible

Unremarried spouses of deceased service members may also qualify for a VA loan. This benefit offers them financial support during a challenging time.

Eligibility applies if the service member:

  • Died in the line of duty.
  • Passed away due to a service-related disability.
  • Was missing in action or a prisoner of war for at least 90 days.

Surviving spouses are also exempt from the VA funding fee, providing additional savings.

Related Topic: Prevent Annoying Credit Offers before starting the mortgage process – Opt out at www.optoutprescreen.com

5. VA Home Loan Interest Rates Are Typically Lower

VA loans often feature interest rates about 0.25% lower than conventional loans, saving you money over the life of the loan. These competitive rates are possible because the VA guarantees the loan, reducing the lender’s risk.

Even Veterans with less-than-perfect credit scores may qualify for these favorable VA loan rates, making homeownership more accessible.

Did You Know? VA loans also boast some of the lowest foreclosure rates, a testament to Veterans’ commitment to homeownership.

6. Flexible Credit and Bankruptcy Guidelines

VA loans are more forgiving than conventional loans when it comes to credit requirements. There’s no minimum credit score required by the VA, though individual lenders may have their own criteria.

Even Veterans with a past bankruptcy or foreclosure can qualify, as long as they’ve reestablished credit for two years. This flexibility ensures that financial setbacks don’t prevent Veterans from achieving homeownership.

Important Note: If a previous foreclosure involved a VA loan, the remaining amount owed must be repaid to restore eligibility.

7. Wide Variety of VA Loan Options

The VA loan program isn’t just for purchasing a home. Veterans can choose from a variety of options tailored to their needs:

 Types of VA Loans

  1. VA Home Purchase Loan: For buying a primary residence with no down payment.
  2. VA Cash-Out Refinance: Tap into your home equity for expenses like home improvements or tuition.
  3. VA Streamline Refinance (IRRRL): Lower your interest rate quickly without an appraisal or extensive documentation.
  4. VA Renovation Loan: Combine the cost of a home purchase with necessary repairs or upgrades.
  5. Native American Direct Loan (NADL): For Native American Veterans purchasing or improving homes on federal trust land.

VA loans are more forgiving than conventional loans when it comes to credit requirements. There’s no minimum credit score required by the VA, though individual lenders may have their own criteria.

Even Veterans with a past bankruptcy or foreclosure can qualify, as long as they’ve reestablished credit for two years. This flexibility ensures that financial setbacks don’t prevent Veterans from achieving homeownership.

 

8. VA Loans Are Available from Private Lenders

While the VA backs these loans, they’re issued by private lenders, such as banks, credit unions, and mortgage companies. This allows Veterans to enjoy competitive terms and the convenience of working with a local lender.

Quick Tip: The VA guarantee ensures lenders will be repaid, enabling them to offer better rates and terms to Veterans.

 

9. Buy Condos, Multi-Unit Homes, and More with a VA Loan

VA loans can be used to purchase a variety of properties, including:

  • Single-family homes.
  • Multi-unit properties (up to four units).
  • Condominiums approved by the VA.

Condos are particularly attractive for first-time homebuyers, offering affordability and access to desirable locations.

Search for VA-approved condos: Use the VA’s online condo search tool to explore approved communities.

 

The Bottom Line:

Should I get pre-approved for a VA Loan?

VA loans offer a unique combination of affordability, flexibility, and financial protections, making them one of the most valuable benefits available to those who have served our country. With no down payment, competitive interest rates, and no PMI, they help Veterans and their families achieve homeownership without the traditional financial barriers. Beyond the cost savings, VA loans offer peace of mind through borrower-friendly terms, such as flexible property options and protections for those facing financial hardship. Whether you’re purchasing your first home, refinancing, or upgrading to meet your family’s needs, VA loans are a powerful tool to help you build a stable and secure future. If you’re eligible, it’s worth exploring how a VA loan can make your homeownership dreams a reality.

Ready to make the most of your VA loan benefits? Getting preapproved is the first step toward unlocking the advantages of this incredible program. Reach out to us today to start your journey to homeownership with expert guidance and a smooth, stress-free process. Let’s get you one step closer to your dream home!

 

Frequently Asked VA Loans

A VA loan is a mortgage program created by the U.S. Department of Veterans Affairs to help Veterans, active-duty service members, and certain surviving spouses buy or refinance a home. Eligibility typically requires meeting one of the following conditions:

  • Serving at least 90 consecutive days during wartime.
  • Serving at least 181 consecutive days during peacetime.
  • Completing six years of service in the National Guard or Reserves.
  • Being the un-remarried surviving spouse of a service member who died in the line of duty or as a result of a service-connected disability.

Your lender can help confirm eligibility by obtaining your VA Certificate of Eligibility (COE).

No, one of the biggest benefits of a VA loan is the option to buy a home with no down payment, making homeownership more accessible to Veterans who may not have significant savings.

The VA funding fee is a one-time payment that helps keep the VA loan program running without requiring taxpayer funding. This fee is based on your loan amount, type of loan, and whether it’s your first time using your VA loan benefit.

For example:

  • First-time use with no down payment: 2.3% of the loan amount.
  • Subsequent use with no down payment: 3.6%.

If you have a service-related disability, you may be exempt from paying this fee. Additionally, the funding fee can be rolled into the loan amount instead of being paid upfront. – Source: VA.gov

Yes, VA loans offer several refinancing options:

  • VA Streamline Refinance (IRRRL): Helps lower your interest rate or monthly payment with minimal paperwork and no appraisal required.
  • VA Cash-Out Refinance: Lets you tap into your home equity to pay for expenses or refinance a non-VA loan into a VA loan.

Absolutely! The VA loan benefit is reusable as long as you meet the eligibility requirements and pay off any previous VA loan. You can also restore your benefit if you sell your home and pay off the loan completely.

No, VA loans are available to eligible Veterans and service members, whether they’re buying their first home or their fifth. There’s no limit to how many times you can use your VA loan benefit, provided you still qualify.

VA loans are intended for primary residences, meaning the home you plan to live in full-time. You cannot use a VA loan to purchase a vacation home or investment property.

VA loans can be used to buy a variety of property types, including:

  • Single-family homes.
  • Condos (must be in a VA-approved community).
  • Multi-unit properties (up to four units, as long as you live in one of them).
  • Manufactured homes (with land, and subject to lender approval).

The VA does not set a specific credit score requirement, but most lenders do. Typically, you’ll need a credit score of at least 580-620 to qualify. However, VA loans are more flexible with credit standards compared to conventional loans, making them accessible to borrowers with lower scores.

The VA provides financial counseling to borrowers who are struggling with payments. Additionally, because VA loans tend to have lower foreclosure rates, lenders may be more willing to work with you to find a solution, such as loan modification or repayment plans.

If you have full VA entitlement, there are no loan limits, meaning you can borrow as much as a lender approves without a down payment. However, lenders will still evaluate your income, credit, and debt-to-income ratio to determine how much they’re willing to lend.

Yes, VA loans allow sellers to contribute to the buyer’s closing costs, up to 4% of the loan amount. This can include paying off debt to help the buyer qualify or covering prepaid expenses like property taxes and homeowners insurance.

Yes, VA loans come with a built-in Escape Clause that protects buyers. If the home’s appraised value is lower than the purchase price, you can back out of the deal without losing your earnest money deposit.

 

Ready to see what you can afford? Contact us today to discuss your home-buying goals and take your first step toward financial freedom.

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Equal Housing Lender. Make sure you understand the features associated with the loan program you choose, and that it meets your unique financial needs. Subject to Debt-to-Income and Underwriting requirements. This is not a credit decision or a commitment to lend. Eligibility is subject to completion of an application and verification of home ownership, occupancy, title, income, employment, credit, home value, collateral, and underwriting requirements. Not all programs are available in all areas. The pre-approval may be issued before or after a home is found. A pre-approval is an initial verification that the buyer has the income and assets to afford a home up to a certain amount. This means we have pulled credit, collected documents, verified assets, submitted the file to processing and underwriting, ordered verification of rent and employment, completed an analysis of credit, debt ratio and assets, and issued the pre-approval. The pre-approval is contingent upon no changes to financials and property approval/appraisal. *Veterans Affairs loans require a funding fee, which is based on various loan characteristics. Sales price cannot exceed appraised value. Refinancing an existing loan may result in the total finance charges being higher over the life of the loan. Offers may vary and are subject to change at any time without notice. Interest rates are subject to change daily and without notice. *On an Interest Rate Reduction Refinance Loan (IRRRL) the Veterans Affairs does not require an appraisal, but NFM Lending may require a drive-by-appraisal. Income documentation is not required, but source of income must be verified. **Purchases only, must have Automatic Underwriting System (AUS) approval. No cash-out under 600. †Sales price cannot exceed appraised value. ††In a purchase transaction, reasonable closing costs may be paid by the seller, and the program is available with no points depending on credit profile, collateral, and current mortgage history.

LINTHICUM, MD, March 23, 2018— NFM Lending is celebrating the two-year anniversary of its NFM Salute program. They honored their first NFM Salute on March 23, 2016.

NFM Salute is an initiative dedicated to recognizing the brave men and women who have fought and continue to fight for our freedom and our country. Every month, a nominated military service member or Veteran is chosen to be honored as the “Salute of the Month.” A brief biography and information about the Salute’s service is featured on both the website and NFM Lending’s social media. The Salute receives a gift and a donation is made by NFM Lending on behalf of the monthly Salute to one of three chosen non-profits: Platoon 22, AnySoldier, or the Gary Sinise Foundation. Since the start of the NFM Salute initiative, NFM Lending has donated over $50,000 to these military focused charities.

“Two years has flown by,” said Greg Sher, NFM’s Chief Business Development Officer. “The NFM Salute has fulfilled its promise to honor those who have and continue to serve our country. I just love reading the stories of our honorees and always look forward to the next one.”

NFM Lending is thankful for the opportunity to continue honoring U.S. military service members and Veterans through the NFM Salute initiative. Nominations are always welcome. For more information about the NFM Salute initiative, to read the stories of past Salutes, or to nominate a soldier or Veteran, visit www.nfmsalute.com.

NFM Salutes honored during the last year.

About NFM Lending

NFM Lending is a mortgage lending company currently licensed in 29 states in the U.S. The company was founded in Baltimore, Maryland in 1998 and this year it celebrates its 20th Anniversary. They attribute their success in the mortgage industry to their steadfast commitment to customers and the community. NFM Lending has firmly planted itself in the home loan marketplace as “America’s Common Sense Residential Mortgage Lender.™” For more information about NFM Lending, visit www.nfmlending.com, like our Facebook page, or follow us on Twitter.

Since our 10th Annual Support Our Troops Drive in 2017, we have received some great correspondence from some of the U.S. troop members stationed around the world. In December, we sent 200 care packages to 100 groups of soldiers. Today, we continue to send 4 care packages every month as a small way to show our troops how much their bravery and sacrifice is truly appreciated.

“We recently received a care package from you, thank you so much for the outstanding support!  A little bit really goes a long way out here in Djibouti, Africa. Thanks again!”

“Thank you so much for thinking of me and the soldiers here overseas. We appreciate all of the support and kindness that you and your company have shown to us while we are currently stationed here. We hope you have a safe and a Happy holiday season.!! We also send our Blessing to you all into the New Year as well. Thank you!”

“I have received your 2 packages today. Thank you, the components were perfect & now we have a little something to decorate our office to make it feel more like Christmas here 🙂 Thank you very much for your support!”

“Thank you so much for supporting us troops here in Baghdad, Iraq! Your care package truly raised moral in our unit. We appreciate all the hard work, love, and patriotism it took to create and mail out the package you sent. All the items were distributed throughout our medical team. We are the 47th Combat Support Hospital based out of Fort Lewis, WA. We will be deployed until the end of June and appreciate your dedication to us deployed soldiers! Happy Holidays!”

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LINTHICUM, MD, August 1, 2017— NFM Lending is pleased to honor Captain (CPT) Omayra Velez (ret.), as the NFM Salute for August 2017.

CPT Velez received her commission into the Army in October 2007.  She received a direct commission as a Medical Service Corp Officer, and later became an Environmental Science Engineering Officer. Her first duty stationed was with the 705th Military Police Battalion at Fort Leavenworth, Kansas, with which she deployed to Iraq in support of Operation Iraqi Freedom from August 2009 to August 2010. On her return from Iraq, CPT Velez was assigned to the 21st Theater Sustainment Command in Kaiserslautern, Germany for two years, and then to the Army Public Health Command Europe in Landstuhl, Germany. She earned a coveted one-year “Training with Industryt the Lawrence Livermore National Laboratories in Livermore, California, from 2013 to 2014. After the training, she was assigned to Aberdeen Proving Grounds in Aberdeen, Maryland. She medically retired due to injury in January 2017.  In her 9-year career, CPT Velez earned two Meritorious Service Medals, four Army Commendations Medals, one Army Achievement Medal, the Overseas Service Ribbon with two numeral devise, and the Iraq Campaign medal with one Campaign Star.

CPT Velez was nominated by NFM Lending Branch Manager Jennifer Cook.

“I have known Omayra for several years,” said Cook. “When I first met her, she was active duty. She recently retired from service, and I wanted to recognize Omayra for her many years of service and being a loyal client of NFM Lending. Congrats Omayra! It’s always a pleasure working with you.”

The NFM Salute is an initiative in which one military member or Veteran is chosen each month to be honored as the “Salute of the Month.” Salutes are chosen from nominations on the NFM Salute website, www.nfmsalute.com. The “Salute of the Month” will be featured on the website with a brief biography and information about his or her service, and NFM Lending will make a $2,500 donation to a military or Veteran non-profit in the Salute’s name. Velez chose Platoon 22 to receive this month’s donation.

Selected NFM Salutes may choose from one of the following three non-profits: Platoon 22, AnySoldier, and the Gary Sinise Foundation. NFM looks forward to the opportunity to continue to honor military and Veterans through the NFM Salute initiative.

About NFM Lending

NFM Lending is a mortgage lending company currently licensed in 29 states in the U.S. The company was founded in Baltimore, Maryland in 1998. They attribute their success in the mortgage industry to their steadfast commitment to customers and the community. NFM Lending has firmly planted itself in the home loan marketplace as “America’s Common Sense Residential Mortgage Lender.™” For more information about NFM Lending, visit www.nfmlending.com, like our Facebook page, or follow us on Twitter.

LINTHICUM, MD, March 23, 2017— NFM Lending is pleased to celebrate the one year anniversary of its NFM Salute program.

NFM Salutes is an initiative in which one military service member or Veteran is chosen each month to be honored as the “Salute of the Month.” The “Salute of the Month” is then featured on the website with a brief biography and information about his or her service, and NFM Lending makes a $2,500 donation to one of the following four non-profits in the Salute’s name: Platoon 22, AnySoldier, Soldier’s Wish, and the Gary Sinise Foundation. NFM Lending honored its first NFM Salute on March 23, 2016.

“Everyone at NFM is proud of the work that we do in supporting our Veteran community,” said Bob Tyson, COO/CAO of NFM Lending. “The NFM Salute was born from that promise to give back to those who have served us. The one year anniversary of the program is an important milestone as it allows us to reflect and reaffirm our commitment. Reading the stories of those who have served or are serving is a reminder to all of us of the sacrifice made for us by these men and women, and their families.”

NFM looks forward to the opportunity to continue to honor military and Veterans through the NFM Salute initiative. For more information, or to nominate a salute, visit www.nfmsalute.com.

About NFM Lending

NFM Lending is a mortgage lending company currently licensed in 29 states in the U.S. The company was founded in Baltimore, Maryland in 1998. They attribute their success in the mortgage industry to their steadfast commitment to customers and the community. NFM Lending has firmly planted itself in the home loan marketplace as “America’s Common Sense Residential Mortgage Lender.™” For more information about NFM Lending, visit www.nfmlending.com, like our Facebook page, or follow us on Twitter.

For the online press release, click here.

LINTHICUM, MD, February 1, 2017— NFM Lending is pleased to honor Lea Everette as the NFM Salute for February 2017.

Everette is a Technical Sergeant in the U.S. Air Force. She is an F-22 Avionics Systems Maintainer at Langley Air Force Base in Hampton, VA, and has been a member of the Air Force for nine years. She is a wife and a mother to four daughters and two dogs, and has traveled everywhere from California to Japan during her service.

“It’s been an honor and a privilege to maintain this 5th Generation Weapons system and serve my country,” said Everette.

Everette was nominated by her father, Grafton Davis.

“Lea has always strived to do her best, and she has always been a high achiever,” said Davis. “In elementary school, she was one of a few students chosen to attend Space Camp in Florida. I think that was when she decided on an AERO career. But rather than select a NASA career, she decided to join the Air Force and ROTC. She was at the top of her class in leadership school, and before graduation from high school she signed up for the U.S. Air Force (USAF). And it’s been the USAF since. She also is involved with an organization that helps Veterans upon return. She loves ocean fishing too, and has caught some real trophy-size fish!”

NFM Salutes is an initiative in which one military member or Veteran is chosen each month to be honored as the “Salute of the Month.” Salutes are chosen from nominations on the NFM Salute website, www.nfmsalute.com. The “Salute of the Month” will be featured on the website with a brief biography and information about his or her service, and NFM Lending will make a $2,500 donation to a military or Veteran non-profit in the Salute’s name. Everette chose the Gary Sinise Foundation to receive this month’s donation.

Selected NFM Salutes may choose from one of the following four non-profits: Platoon 22, AnySoldier, Soldier’s Wish, and the Gary Sinise Foundation. NFM looks forward to the opportunity to continue to honor military and Veterans through the NFM Salute initiative.

About NFM Lending

NFM Lending is a mortgage lending company currently licensed in 29 states in the U.S. The company was founded in Baltimore, Maryland in 1998. They attribute their success in the mortgage industry to their steadfast commitment to customers and the community. NFM Lending has firmly planted itself in the home loan marketplace as “America’s Common Sense Residential Mortgage Lender.™” For more information about NFM Lending, visit www.nfmlending.com, like our Facebook page, or follow us on Twitter.

For the online press release, click here.

LINTHICUM, MD, January 3, 2017— NFM Lending is pleased to honor Tom Wycall as the NFM Salute for January 2017.

Wycall served in the Navy from 1965 to 1968, and spent some 20 months offshore during the Vietnam War supporting operations in the Gulf of Tonkin. As a Gunnery Officer, his offshore ship supported shore bombardment, served as a plane guard for aircraft carriers, and as a search and rescue station for downed pilots and servicemen. Wycall worked his way from Ensign to Lieutenant during his 3 and a half years of service and won a Silver Star for writing the operational orders for the Search and Rescue Station located at the 18th Parallel outside of Hanoi.

To view a video about Wycall’s story in his own words, click here.

NFM Salutes is an initiative in which one military member or Veteran is chosen each month to be honored as the “Salute of the Month.” Salutes are chosen from nominations on the NFM Salute website, www.nfmsalute.com. The “Salute of the Month” will be featured on the website with a brief biography and information about his or her service, and NFM Lending will make a $2,500 donation to a military or Veteran non-profit in the Salute’s name. Wycall chose the Gary Sinise Foundation to receive this month’s donation.

Selected NFM Salutes may choose from one of the following four non-profits: Platoon 22, AnySoldier, Soldier’s Wish, and the Gary Sinise Foundation. NFM looks forward to the opportunity to continue to honor military and Veterans through the NFM Salute initiative.

About NFM Lending

NFM Lending is a mortgage lending company currently licensed in 29 states in the U.S. The company was founded in Baltimore, Maryland in 1998. They attribute their success in the mortgage industry to their steadfast commitment to customers and the community. NFM Lending has firmly planted itself in the home loan marketplace as “America’s Common Sense Residential Mortgage Lender.™” For more information about NFM Lending, visit www.nfmlending.com, like our Facebook page, or follow us on Twitter.

LINTHICUM, MD, December 1, 2016— NFM Lending is pleased to honor Master Sergeant Joseph Bluver, Ret. as the NFM Salute for December 2016

Joseph joined the Illinois Air National Guard in 1984 at the age of 17. After graduating in 1985, he left for Lakeland Air Force Base (AFB) in San Antonio. While attending technical school training at Lowry AFB in Denver, he studied Air Force food service. During his first assignment with the 126th Air Refueling Wing Services Flight, he began his career as an apprentice Cook, advancing quickly through the ranks to hold positions such as Senior Cook, Supervisor, and Food Production Manager.

In 1991, during Operation Desert Storm, Bluver was put on active duty, and stationed at Grissom Air Force Base in Indiana.  He left the Illinois National Guard after 16 years and joined the Air Force Reserves. In 2000, he transferred to the Air Force Reserves 440th Services Flight in Milwaukee.  In 2003, during Operation Iraqi Freedom, Bluver was once again placed on active duty. He was stationed in North Dakota at Grand Forks Air Force Base attached to the 319th Services Squadron, where he was the assigned Safety and Training Manager in areas such as lodging, base gym, and the dining hall. Bluver retired from the Air Force Reserves in 2004 after more than 20 years of service. Bluver was nominated by his wife, Terri Landey-Bluver whom he married in 1999. They live with their two sons in Lake in the Hills, Illinois.

“There isn’t anything Joe wouldn’t do for you,” said Landey-Bluver. “He would give you the shirt off his back if you asked him for it. He was always there for his servicemen. He would always go beyond on his duties. He was always the first to volunteer to go on a deployment, whether it was stateside or overseas. It was hard once we had children, but he was up for the challenge and continued his service for several years once we had kids. Joe is very committed to everything he does, and does it very well.”

NFM Salutes is an initiative in which one military member or Veteran is chosen each month to be honored as the “Salute of the Month.” Salutes are chosen from nominations on the NFM Salute website, www.nfmsalute.com. The “Salute of the Month” will be featured on the website with a brief biography and information about his or her service, and NFM Lending will make a $2,500 donation to a military or Veteran non-profit in the Salute’s name. Bluver chose Platoon 22 to receive this month’s donation.

Selected NFM Salutes may choose from one of the following four non-profits: Platoon 22, AnySoldier, Soldier’s Wish, and the Gary Sinise Foundation. NFM looks forward to the opportunity to continue to honor military and Veterans through the NFM Salute initiative.

About NFM Lending

NFM Lending is a mortgage lending company currently licensed in 29 states in the U.S. The company was founded in Baltimore, Maryland in 1998. They attribute their success in the mortgage industry to their steadfast commitment to customers and the community. NFM Lending has firmly planted itself in the home loan marketplace as “America’s Common Sense Residential Mortgage Lender.™” For more information about NFM Lending, visit www.nfmlending.com, like our Facebook page, or follow us on Twitter.

Recently, we answered the Top Five Questions About Jumbo Loans. This week, we will discuss VA loans. If you or your spouse is a Veteran or serving in the military and planning to purchase a home soon, these tips will help you decide whether a VA loan is right for you.

 

VA Loans

The Veterans Affairs (VA) loan program was introduced by the Servicemen’s Readjustment Act, also known as the GI Bill of Rights. These loans are insured by the United States Department of Veteran Affairs, and were designed to provide Veterans and service members with a federally guaranteed home loan with little or no down payment, so that they and their families can take part in the American Dream of homeownership.

Veterans and active duty service members are eligible for the VA loan program. The surviving unmarried spouse of a deceased Veteran may also be eligible for a VA loan. More information about eligibility for VA loans can be found on the VA website.

VA loan limits are the amount a qualified Veteran or active duty service member with full entitlement may  be able to borrow without making a down payment. How much you can borrow with a VA loan will depend on your lender and the county you are buying your home in. The basic entitlement available to each eligible Veteran or active duty service member is $36,000; lenders will typically lend up to 4 times a Veteran’s available entitlement, if the Veteran’s income and credit qualify.

VA loans will finance up to 100% of your home purchase, meaning that you may be able to purchase a home with no down payment.

Most Veterans purchasing a home with a VA loan will be required to pay a VA funding fee. The purpose of this fee is to reduce the cost of the loan to taxpayers, as the VA loan requires no down payment and often no private mortgage insurance (PMI). The amount of the funding fee depends on the loan amount, loan type, and your military category. Some VA home buyers are exempt from having to pay the VA funding fee.

VA loans offer no down payment requirement (for qualifying consumers) and often do not require PMI. Additionally, Cash Out Refinance loans allow you to take out up to 95% of the appraised value of your home as determined by VA. Some states also offer additional resources to Veteran homeowners, such as property tax reductions.

If you are a Veteran or active duty service member, you may be able to take advantage of the benefits offered by the VA loan program. For more information about VA loans, please visit the VA website. If you have more questions about buying a home with a VA loan, contact one of our licensed Mortgage Loan Originators. If you are ready to begin the home buying process, click here to get started!

 

*100% financing is available, sales price cannot exceed the appraised value. ** Veterans Affairs loans require a 1st time funding fee, which is based on various loan characteristics, your actual loan amount may be higher than the purchase price.   

LINTHICUM, MD, November 1, 2016— NFM Lending is pleased to honor Edward Strine as the NFM Salute for November 2016

Strine served in the U.S. Navy from 1944-1946, and spent much of his time in the military in the keel of a ship serving in the engine and fire rooms as a Fireman First Class. One of the carriers he served on during WWII was the USS Aaron Ward. On May 3, 1945, the Aaron Ward was attacked by Kamikaze airplanes, leaving Strine on the deck severely burned and dying. While one of his friends was loading up the soldiers who had not survived the attack into body bags to be thrown overboard, he noticed that Strine was still breathing and got him medical help, saving his life. Strine is featured in a book about the attack, and recently hosted a Navy Pilot who has been trying to meet the 13 remaining survivors of the 360 men aboard the USS Aaron Ward.

To view a video about Strine’s story in his own words, click here.

NFM Salutes is an initiative in which one military member or Veteran is chosen each month to be honored as the “Salute of the Month.” Salutes are chosen from nominations on the NFM Salute website, www.nfmsalute.com. The “Salute of the Month” will be featured on the website with a brief biography and information about his or her service, and NFM Lending will make a $2,500 donation to a military or Veteran non-profit in the Salute’s name. This month, NFM Lending will donate to Soldier’s Wish in Strine’s name.

Selected NFM Salutes may choose from one of the following four non-profits: Platoon 22, AnySoldier, Soldier’s Wish, and the Gary Sinise Foundation. NFM looks forward to the opportunity to continue to honor military and Veterans through the NFM Salute initiative.

For more information, please contact:

NFM Lending
Toll Free: 1-888-233-0092
[email protected]
www.nfmlending.com
Twitter: @nfm_lending

About NFM Lending

“NFM Lending is a mortgage lending company currently licensed in 29 states in the U.S. The company was founded in Baltimore, Maryland in 1998. They attribute their success in the mortgage industry to their steadfast commitment to customers and the community. NFM Lending has firmly planted itself in the home loan marketplace as “America’s Common Sense Residential Mortgage Lender™.”