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Buying a Home with a VA Loan

(VETERANS ADMINISTRATION)

VA loans are partially insured by the U.S. Department of Veterans Affairs (VA) and are a valuable benefit for military veterans and active servicemen and women. This federal insurance enables lenders to offer easier qualifying guidelines and low down payment options.

HIGHLIGHTS OF A VA LOAN

VA Purchase loans allow eligible Veterans 100% Home Financing. Most veterans and service members will not need a down payment.
VA loans have a funding fee but do not have traditional Monthly Mortgage Insurance Premiums.
VA loans do not have a maximum loan; however, based on the eligibility of a VA loan, the maximum it currently allows you to borrow is up to $510,400 in Mississippi.
Typically qualifying veterans are allowed to reuse this benefit.
Typically you are able to qualify with a lower credit score and more debt compared to conventional loans.
Sellers can contribute up to 4% of the sales price toward allowable closing costs.

VA loans require a VA funding fee collected at closing. The fee varies with the amount of the down payment and is higher with no or low down payments. The VA funding fee is nonrefundable. Loans subject to credit and property approval. Visit www.benefits.va.gov/benefits for VA eligibility requirements. Terms and conditions apply. This is not a commitment to lend. Credit is subject to approval. Programs, rates, terms and conditions are subject to change without notice.

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