If you have served as a member of the U.S. Uniformed Services, you may also qualify for a special loan type from the VA (U.S. Department of Veterans Affairs).
These loans come with specific benefits and requirements.
What is a VA loan?
A VA loan is secured by the Department of Veterans Affairs, meaning the VA guarantees a portion of the loan. That allows private lenders to offer more favorable terms than they otherwise could.
VA loans are available to eligible individuals who are either currently serving or have served in the U.S. Uniformed Services, as well as their qualified surviving spouses. Those services include:
- United States Army
- United States Marine Corps
- United States Navy
- United States Air Force
- United States Space Force
- United States Coast Guard
- United States Public Health Service Commissioned Corps
- National Oceanic and Atmospheric Administration Commissioned Officer Corps
VA loan benefits
- Purchase options: Some VA loans require no down payment, although additional loan expenses, such as closing costs, may still apply.
- No mortgage insurance: No monthly mortgage insurance or mortgage insurance premium is required.
- Refinance options: When you refinance your VA loan with Castle & Cooke Mortgage, you may be able to borrow up to 100% of your home's value. If you're interested in reducing your interest rate instead, ask about an Interest Rate Reduction Refinance Loan (IRRRL streamline) that may let you skip the appraisal.
VA loan requirements
- Service type: Length and type of service may impact the type of VA loan you can qualify for. Your loan officer can answer all your questions about eligibility and help you understand your options.
- Funding fee: A funding fee, which is a percentage of the loan amount, may be required to help defer some of the loan’s cost to taxpayers. Disabled veterans don't pay the fee.
- Loan limits: While the VA does not put a cap on how much an individual can borrow to finance a home, there are limits on the amount of liability the VA can take on. That may impact how much you can borrow without making a down payment.
Get more information about VA loans from the VA itself.
Is a VA loan the right loan for you?
There are dozens of loan types and programs out there, and it's impossible to know what's right for you without having a professional take a careful look.
Your licensed loan officer with Castle & Cooke Mortgage can answer all your VA loan questions, evaluate your situation, and help you find the right loan for your family and your future.