New Empire Mortgage Solutions (NLMS ID 1949736)

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VA Loan

Enjoy No Down Payment, No Mortgage Insurance, and Low Rates with a Loan Designed for Veterans, Active-Duty Military, and Their Families!

A VA (Department of Veterans Affairs) loan is a mortgage loan that is available to eligible veterans, active-duty military members, and surviving spouses. VA loans are guaranteed by the VA, which means that the government will pay a portion of the loan to the lender if the borrower defaults.

VA loans are available from approved lenders and can be used to purchase or refinance a primary residence, including single-family homes, condominiums, and manufactured homes.

One of the main benefits of VA loans is that they require no down payment, which can be a major advantage for borrowers who may not have significant savings. Additionally, VA loans generally have more lenient credit score requirements compared to conventional loans, making it easier for some borrowers to qualify.

VA loans also offer the potential for lower interest rates and don’t require borrowers to pay for mortgage insurance. However, borrowers may need to pay a funding fee, which can be financed as part of the loan.

To be eligible for a VA loan, the borrower must meet certain service requirements, including a minimum length of service and discharge status. The specific requirements can vary depending on the individual’s circumstances, and borrowers should consult with the VA or a qualified lender for more information.

Benefits of getting a VA Loan


No down payment requirement

VA loans typically do not require a down payment, which can make it easier for borrowers to qualify for a mortgage and can save them thousands of dollars upfront.


Lower interest rates

VA loans often come with lower interest rates than conventional loans, which can save borrowers money over the life of the loan.


No mortgage insurance

VA loans do not require private mortgage insurance (PMI), which is typically required on other types of loans when the down payment is less than 20% of the home’s purchase price.


More flexible credit score requirements

Borrowers with lower credit scores may still be able to qualify for a VA loan, making it a good option for those who may not qualify for a conventional loan.


Options for borrowers with past bankruptcies or foreclosures

Borrowers who have experienced bankruptcy or foreclosure in the past may still be able to qualify for a VA loan, as long as they meet certain eligibility requirements.


Streamline refinancing

Borrowers with an existing VA loan may be able to take advantage of the VA streamline refinance program, which allows them to refinance their loan with limited documentation and lower fees.

Overall, a VA loan can be a good choice for veterans and active-duty service members who are looking to purchase a home or refinance their existing mortgage. However, it’s important to carefully consider your financial situation and work with a New Empire Mortgage Specialist to determine if a VA loan is the right choice for you.

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