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VA 15-Year Fixed Mortgage
The VA 15-Year Fixed Mortgage is a government-backed loan exclusively available to eligible veterans, active-duty service members, and select military spouses. This option provides a fixed interest rate over a 15-year term, offering favorable terms for a shorter loan period.
Multi-Family Home (up to 4 units)
Condominium
Townhouse
Manufactured home
Benefit from the option of purchasing a home with no down payment.
Exclusively available to veterans, active-duty service members, and qualifying military spouses.
Pay off your mortgage in 15 years, building equity rapidly.
Lock in a consistent interest rate for the entire 15-year loan term.
Designed for those who have served in the military and their eligible spouses.
A VA 15-Year Fixed Mortgage is a home loan guaranteed by the U.S. Department of Veterans Affairs (VA) with a fixed interest rate and a loan term of 15 years. It is designed to assist eligible veterans, active-duty service members, and certain members of the National Guard and Reserves in obtaining homeownership.
Borrowers make regular monthly payments with a fixed interest rate for 15 years. The VA guarantees a portion of the loan, allowing eligible borrowers to secure favorable terms, including no down payment requirements.
A VA 15-Year Fixed Mortgage offers no down payment requirements, competitive interest rates, and no private mortgage insurance (PMI) requirement. It is a cost-effective option for eligible veterans and service members.
A VA 15-Year Fixed Mortgage is suitable for eligible veterans, active-duty service members, and certain members of the National Guard and Reserves who meet the VA's eligibility criteria. It's important to understand VA loan requirements and benefits.
Eligibility includes serving a certain length of active-duty service or meeting the requirements as a veteran, National Guard member, or Reservist. A valid Certificate of Eligibility (COE) is typically required.
A VA 15-Year Fixed Mortgage can be used to finance various property types, including single-family homes, condominiums, and certain multi-unit properties. The property must be the borrower's primary residence.
Yes, eligible VA borrowers can refinance their existing VA or non-VA loan into a VA 15-Year Fixed Mortgage through the VA Interest Rate Reduction Refinance Loan (IRRRL) or VA Cash-Out Refinance programs.
No, VA loans do not have prepayment penalties. Borrowers can make extra payments or pay off the loan early without incurring penalties.
To apply, work with a VA-approved lender. You will need to provide your Certificate of Eligibility (COE) and other required documentation.
Before obtaining a VA 15-Year Fixed Mortgage, consider factors such as your military service history, eligibility requirements, and how the loan fits into your financial goals.
The VA funding fee is a one-time fee paid at closing that helps fund the VA loan program. The amount of the fee varies based on factors such as the type of military service, down payment, and prior use of VA entitlement.
Yes, VA loans allow for co-borrowers, including a spouse or another eligible individual. The co-borrower's income and credit may help strengthen the application and improve loan approval odds.
No, VA loans do not require private mortgage insurance (PMI). This is one of the benefits of VA loans, as it can lead to lower monthly payments compared to other loan types.
Yes, as long as you have remaining VA loan entitlement, you can use a VA 15-Year Fixed Mortgage even if you have used VA benefits in the past. Your VA loan eligibility will determine the funding fee amount.
If you experience financial difficulties, contact your loan servicer immediately. VA loans offer options such as loan modification, repayment plans, or assistance through the VA Loan Guaranty Program.