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VA Loans

Buy a Home with a VA Loan.

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A Top VA Lender Badge.

VA Loans

Buy a Home with a VA Loan.

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VA Home Purchases

  • Competitive VA interest rates
  • 0% down payments for many VA homebuyers
  • Minimum credit score as low as 550
  • No mortgage insurance
  • One-time funding fee for most Veterans
  • VA loan benefits can be reused
     
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VA Refinances (IRRRL)

  • Competitive VA interest rates
  • Hassle-free process with less paperwork and faster closings
  • Easy credit score qualification
  • Low, one-time funding fee for most Veterans
Learn More
 
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VA Cash Out Refinances

  • Get cash from home equity
  • Finance up to 90% of your home’s value
  • Minimum credit score as low as 550
  • One-time funding fee for most Veterans
Learn More
 
  • Department of Veterans Affairs (VA) loans make buying and refinancing homes more affordable for Veterans, active-duty service members, and surviving spouses.

    The benefits of VA loans include competitive interest rates, 0% down payments for many homebuyers, and low minimum credit scores. At Freedom Mortgage, we can often help you buy or refinance a home with a credit score as low as 550.

    VA loans do not require mortgage insurance, although you will probably need to pay a one-time VA funding fee. Some disabled Veterans and surviving spouses do not have to pay this fee. VA loans have limits on closing costs. They do not have prepayment penalties. There are no limits on the number of VA loans you can get throughout your lifetime, although you are usually limited to having one VA loan at time.

    Finally, VA loans can be easier to refinance than Conventional loans with a VA streamline refinance (also known as a VA IRRRL). These VA refinances help you lower your interest rate with less paperwork and faster closings.

    icon of a dropdown.FILTERS
    Loans Eligibility Minimum Credit Score Minimum Down Payment Upfront Insurance/Fees Monthly Insurance/Fees
    VA Loans Veterans, military personnel,
    surviving spouses only
    Often 550 Often 0% Yes No
    Conventional Loans All homebuyers Often 620 Often 5% No None with at least 20% equity
    FHA Loans All homebuyers Often 550 As low as 3.5% Yes Yes
    USDA Loans Rural and some suburban
    homebuyers only
    Often 620 Often 0% Yes Yes
  • Veterans, active-duty service members (including members of the U.S. Army Reserves and National Guard), and surviving spouses can all be eligible for VA loans.

    A minimum number of service days are typically required to be eligible. The required number of days vary depending on whether you served during wartime or peacetime. Fewer days of service are needed when you are discharged for a service-related disability.

    Surviving spouses of Veterans can also be eligible for VA loans when they meet certain standards. Learn more about VA loan eligibility requirements.

  • To get approved for a VA loan, you will need to meet the eligibility requirements as well as the loan’s credit, income, and financial requirements. To be eligible, you must:

    • Apply for a VA loan. You’ll need to complete an application and provide credit, income, and financial documents. Learn more about VA loan applications.
    • Get a Certificate of Eligibility (COE). You’ll need a Certificate of Eligibility to show you are eligible for a VA loan. You can apply for a COE from the Department of Veterans Affairs online or through the mail. Learn more about VA Certificates of Eligibility.
    • Meet the minimum credit score. You can often get approved for a VA loan with a lower minimum credit score compared to Conventional loans. At Freedom Mortgage, we are often able to accept credit scores as low as 550 for VA loans.
    • Finance a primary residence. VA loans can only be used to buy or refinance a primary residence, which is the home where you live most of the time. They cannot be used to finance a second home, rental house, or investment property.
    • Pass a VA home appraisal. Homes financed with VA loans need to be evaluated by a VA-certified appraiser and meet specific appraisal guidelines before the loan is approved. Learn more about VA minimum property requirements.
    • Pay the VA funding fee. You will likely pay a VA funding fee when you buy or refinance a home with a VA loan. The amount of this fee depends on the size of your down payment, whether you are getting a VA loan for the first time, whether you are buying or refinancing a home, and other factors. Learn more about the VA funding fee.
    • Pay closing costs. You’ll typically pay between 2% and 5% of a home’s purchase price in closing costs. These costs can include lender fees, discount points, the funding fee, and other costs. You’ll pay closing costs when you refinance a VA loan, too. Many times, you can roll your closing costs into the loan amount. Learn more about VA loan closing costs.
    • Have one VA loan at a time. You are typically limited to buying or refinancing one home at a time with a VA loan. There are no limits on the number of times you can use a VA loan to finance a home.

    At times a Conventional loan may be a better choice than a VA loan. For example, if you can afford to make a 20% down payment when you buy a home, you avoid paying a funding fee or mortgage insurance costs by getting approved for a Conventional loan. You can also use Conventional loans to finance more types of houses. Learn about VA loans versus Conventional loans.

  • The VA rate we may be able to offer is personal to you. Your interest rate is affected by the type of loan you want, your credit score, your income and finances, as well as the current mortgage market environment. Freedom Mortgage may be able to offer you a rate that is lower—or higher—than the rate you see advertised by other lenders. Ask us today what VA rate we can offer you. Call a Loan Advisor at 877-220-5533.

Home affordability calculator

How much home can you afford?

When you’re thinking about buying a home, figuring out how much you can afford is a great first step. Use our home affordability calculator to get an estimate!

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Calculator assumes an average cost for homeowner association dues and is based on a set housing and debt ratio. This calculator is made available as a self-help tool for your personal use. We do not guarantee its accuracy or applicability to your individual circumstances. Resulting calculations are for illustrative and informational purposes only and are not intended as investment or financial advice. Consult a qualified financial advisor before making important personal finance decisions. To get a better understanding of the benefits of buying a home, speak with a loan advisor at Freedom Mortgage.

Based on the values you provided, you may be able to afford a home worth up to $270,000

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* This calculator is made available as a self-help tool for your personal use. We do not guarantee its accuracy or applicability to your individual circumstances. Resulting calculations are for illustrative and informational purposes only and are not intended as investment or financial advice. Consult a qualified financial advisor before making important personal finance decisions. To get a better understanding of the benefits of refinancing, speak with a loan advisor at Freedom Mortgage.

A loan advisor from Freedom Mortgage will reach out to you to review your results and discuss the request for a cash out refinance on your home’s equity.

By entering your mobile number and email address and clicking “Get Your Results” below, you consent to be contacted, including via automated technology, by Freedom Mortgage and any of its current or future affiliated companies (collectively “Freedom Mortgage”) at that mobile number and email address for marketing purposes. You affirm that you are the subscriber of the phone number(s) and email address or that the subscriber has authorized you to provide this consent. Your consent is not a condition of purchase of goods or services from Freedom Mortgage. You can revoke your consent at any time by contacting Freedom Mortgage at 855-690-5900.
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Based on the values you provided, you may be able to afford a home worth up to $270,000