The VA loan program is crafted to assist America's heroes in realizing their dream of homeownership. As a trusted mortgage company in Hampton Roads with a rich history of supporting our military families, we are here to help you navigate the nuances, ensuring you capitalize on its many benefits during your path towards homeownership. Tidewater Home Funding remains steadfast in guiding eligible candidates through every phase of the VA loan application process, fostering the transformation of homeownership dreams into reality.
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The VA loan program, a special program through the U.S. Department of Veterans Affairs, is designed to facilitate a smoother and more accessible home buying experience for our nation's veterans, active-duty service members, and military spouses. Already have a VA loan? Our dedicated team at Tidewater Home Funding is just a call away to help you explore possibilities like VA Streamline Refinance, leveraging our approved delegated underwriting authority with the VA.
Our team is committed to supporting our military community by helping you obtain your dream of homeownership. Some benefits a VA mortgage loan program offers includes:
Explore our user-friendly mortgage calculators and get a jump-start on the homebuying process*
CALCULATORS
As a rule of thumb, almost all Active Duty or honorably discharged service members are eligible for a VA mortgage loan. You may be eligible for a VA loan if any one of these statements describe you:
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Required by the Department of Veteran's Affairs (VA), a VA Funding Fee is a fee paid directly to the VA so they can guarantee your mortgage loan and provide you with the opportunity to receive a loan at little to no money out of pocket.
How Much is the VA Funding Fee? The amount varies on several factors including if you are Active Duty, Retired, Guard or Reserve, and whether this is your first-time use, subsequent use, or a cash-out refinance as well as how much your down payment is. The fee can range from 1.250% - 3.300% of the loan. Typically, the greater your down payment, the lower the VA Funding Fee is. Please contact our team so we may help you determine the exact cost of the feee in your unique scenario.
Do I Have to Pay the VA Funding Fee? You do not have to pay the fee out of pocket. You can include the VA Funding Fee within your loan amount and pay the fee over the term of your loan.
Do I Still Have to Pay Other Normal Closing Costs? While you still need to pay for typical closing costs such as the appraisal, title, and escrows, with a VA loan, if you are purchasing a new home the seller can pay for all or part of your closing costs.
What is a VA Streamline Refinance? If you already have a VA mortgage and want to lower your interest rate with little to no out of pocket closing costs, a VA Streamline refinance option is available. You do not need to provide bank statements, W2s, job verifications, or paychecks.
A VA loan is a type of mortgage loan available in the United States that is guaranteed by the United States Department of Veterans Affairs (VA). It is designed specifically for American military veterans, active-duty service members, and eligible spouses.
A VA loan comes with several significant benefits, including no private mortgage insurance (PMI) requirement, potentially lower interest rates, and more lenient credit score requirements compared to other loan types.
Yes, a VA loan can only be used to buy a primary residence and not for investment properties or vacation homes. The property also needs to meet specific VA minimum property requirements, which your mortgage lender can detail for you.
The VA funding fee is a one-time payment to the VA to help sustain the loan program. The amount of the fee varies based on your type of service and the amount of your down payment.
Yes, one of the benefits of a VA loan is its more lenient credit requirements compared to other types of loans. While the VA doesn't set a minimum credit score, most lenders typically look for a score of 620 or higher.
Yes, your VA loan benefits can be reused if you have paid off your previous VA loan and no longer own the property. In some cases, you might be able to reuse your benefits even if you haven't sold your previous home.
Yes, you can refinance a VA loan to potentially obtain a lower interest rate or switch from an adjustable-rate mortgage to a fixed-rate mortgage.
To obtain a VA loan, you first need to get a Certificate of Eligibility (COE) through the VA. Once you have the COE, you can apply for a VA loan through a VA-approved lender, like Tidewater Home Funding, who will help you with the remainder of the process, including the property appraisal and underwriting of the loan.
Yes, VA loans do not have a prepayment penalty, meaning you can pay off your loan earlier than the agreed term without incurring additional charges. This can save you interest over the life of the loan.
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*Not a commitment to lend. Calculation estimates are hypothetical and intended for educational purposes only. Additional fees and costs, such as taxes and insurance, may not be included and may be different based on the loan program. Actual payment obligation may be higher. Loan programs, interest rates, loan terms and conditions are subject to change and may vary based on market conditions and individual circumstances. If refinancing an existing loan, the total finance charges may be higher over the life of the loan. For more information, please consult with one of our licensed loan officers.
These materials are not from HUD, VA, or FHA and were not approved by HUD or any other government agency.