Veteran Affairs Loan

October 12, 2022

30 Year Fixed – 6.00%

APR is 6.249% based on 250k purchase price 0% down with 740 credit score, single family home. -0- Points.

VA JUMBO 30 Year fixed- 6.125%

APR is 6.355% based on 715k purchase price 0% down with 740 credit score, single family home. -0- Points.

Rates are per opening rate sheet on the date posted , due to market volatility they are subject to change…

If you would like a written estimate based on your scenario please call Toll Free:  855-258-5363 or email

Start My Application

What Is A VA Loan?


A VA loan is a type of government loan, backed by the Department of Veterans Affairs (VA). The VA offers specific guarantees to private lenders that handle VA loans. Because of these guarantees, lenders will issue loans to candidates with no down payment or less stringent requirements than other loans.


Who Qualifies For A VA Loan?


To obtain a VA loan, you must meet certain minimum criteria. To qualify, you must be one of the following:

  • An active duty member of the military or a veteran who meets certain minimum length-of-service requirements
  • A surviving spouse of a military service member who died while on active duty
  • An active duty military member or veteran with a disability connected to their service

Keep in mind, you need to be able to meet your chosen lender’s individual credit and income requirements. Minimums are set by the lender, not the VA itself. Also, the property you intend to purchase with the VA loan must be your primary residence, not a vacation or investment home.

In order to obtain a VA loan, you’ll need to receive a VA certificate of eligibility (COE) which verifies your status as a qualifying service member or surviving spouse, which can be procured from the Veterans Administration. There may be other VA requirements for surviving spouses, as well.  We can order your COE directly from the VA Website at time of application typically it takes a few minutes to order, in some cases we will need to reach out to the VA directly for your COE.

Note that not all properties are eligible to receive a VA loan either – a VA-approved appraiser will need to make sure that the home adheres to the VA’s minimum property requirements, and that its value aligns with current government-issued guidelines. As a non-conforming loan, though, a VA mortgage would also not be subject to the traditional Fannie Mae and Freddie Mac purchasing standards.

What Types Of VA Loans Are There?

Each different type of VA loan comes with its own benefits and disadvantages. You’ll want to compare features and options to determine which is the right fit for you.

Let’s take a look at some of your VA loan options below.

VA Purchase Loan

A VA purchase loan or a VA Jumbo loan is the standard form of mortgage that you might expect to see issued under a VA loan. It allows buyers to purchase properties with a $0 down payment. Obtain one, and you’ll be able to secure better terms than you would on a conventional mortgage issued by a private lender. Note that terms vary by individual lenders though, and not all lenders offer this form of VA loan.

VA Cash-Out Refinance

A VA Cash Out loan lets you take up to 100% of your home’s equity out to pay for medical bills, pay off family debt, pay for education or otherwise put the money to alternate uses. Since it’s able to be used toward home improvements or to burnish your investment and savings accounts, a VA cash-out refinance can allow you to access more of the value in your home – and enjoy greater borrowing power – than with a conventional or FHA refinance. Veterans can use this option as a rate-and-term refinance if desired, and it is also available to borrowers both with and without current VA loans.

VA Interest Rate Reduction Refinance Loan (IRRRL)

A VA IRRRL, also known as a VA streamline refinance, can help you reduce your monthly mortgage payments on an existing home loan by lowering your interest rate or enjoy greater stability in terms of predicting your regular amount of cash outlay by switching to a fixed-rate mortgage. You also won’t have to conduct an appraisal or provide additional documentation concerning your income in order to procure a VA streamline refinance, and through this refinancing option you can also add borrowers through a joint VA loan. Note that borrowers should consider their closing costs when determining whether or not to pursue this option.


VA-backed purchase loans.

Funding fee rates for Veterans, active-duty service members, and National Guard and Reserve members:

If your down payment is… Your VA funding fee will be…
First use Less than 5% 2.3%
5% or more 1.65%
10% or more 1.4%
After first use Less than 5% 3.6%
5% or more 1.65%
10% or more 1.4%

 If you only used a VA-backed or VA direct home loan to purchase a manufactured home in the past, you’ll still pay the first-time funding fee.

VA-backed cash-out refinancing loans

Funding fee Rates for Veterans, active-duty service members, and National Guard and Reserve members:

First use After first use
2.3% 3.6%

The VA funding fee rates for refinancing loans don’t change based on your down payment amount. If you used a VA-backed or VA direct home loan to purchase a manufactured home, you only need to pay the first-time use funding fee.

Other VA home loan types

Loan type VA funding fee
Interest Rate Reduction Refinancing Loans (IRRRLs) 0.5%
Manufactured home loans (not permanently affixed) 1%
Loan assumptions 0.5%
Vendee loan, for purchasing VA-acquired property 2.25%

 The VA funding fee rates for these loans don’t change based on your down payment amount or whether you’ve used the VA home loan program in the past.

NOTE:  Those veterans who receive disability compensation from they VA typical do NOT pay a VA Funding Fee.


What Are The VA Loan Limits?

Interestingly, VA Loan Limits are not based on which type of VA loan that you select as a borrower. Rather they’re determined by how much mortgage that any given individual lender is willing to extend. VA loan limits may be impacted by your income, credit score, DTI ratio and other factors.

Which Type Of VA Loan Is Right For Me?

Determining which type of VA loan is right for you is largely a function of your eligibility, individual situation and current/future financial needs. Happily, no matter which type of loan option that you choose, you can take advantage of all VA loan benefits. Again, the myriad upsides to acquiring a VA loan include:

  • No down payment necessary
  • No mortgage insurance required
  • Lower interest rates Federal Housing Administration (FHA) or conventional loans
  • Lower closing costs

The Bottom Line

There are many different types of VA loans that you can acquire, including VA purchase loans, cash-out refinances, IRRRLs, NADLs and renovation loans – each of which is designed to serve a different set of needs and purposes.

In general though, all of them can help you obtain a mortgage and purchase a single-family home, condo or townhouse under more favorable terms than conventional or FHA loans, and enjoy significant benefits if you are a veteran or active duty service member. Bearing this in mind, there are many reasons to seek out a VA loan if you qualify to obtain one.

If you think a VA loan sounds right for you, you can apply for one today with Triangle Lending Group.

Get approved for a Purchase or Refinance VA Loan:

Click below  or call 855-258-LEND(5363) to start your application.

Start My Application



Rates are per opening rate sheet on the date posted , due to market volitility they are subject to change….


To apply for one of the programs above please click here on the secure link:  APPLY NOW


If  you have a specific request/scenario or any other questions you can call us – 855-258-LEND (5363) or  you can send an email to