VA Home Loan Basics

Mortgage and Lending with The Mortgage Market of Delaware

VA Home Loan Information for Veterans

Veterans, did you know you can refinance your current VA home loan with very little paperwork? Plus you can do it without an appraisal.

For example: A Veteran can obtain a refinance of $300,000 to pay off a current VA home loan.  The loan to value is unlimited as no appraisal is required. You can actually owe more on your loan than your home is valued and still get the loan.

Current low interest rates allow for 3.25% fixed rate interest for a thirty year term and 780 credit score. This equates to an estimated $1312 principal and interest payment. Plus, no mortgage insurance is required on VA home loans.

Veterans with other types of loans can also obtain VA home loans but these would need an appraisal. The loan to value ratio can be up to 100%. Plus, again, no private mortgage insurance.

Veterans can qualify for VA home loans with credit scores as low as 580 on regular stick built homes and Class C double wide manufactured homes.    

The upfront VA Funding fee is waived if the Veteran receives any military disability income on at least 10% disability.

First time use of the VA eligibility has a 2.15% up front funding fee and 3.3 % after that. The upfront funding fee is reduced to 1.5% with down payments of 5% - 9.9% and down to 1.25% on down payments of 10% or more.

The streamlined VA refinance (VA loan to VA loan) has an upfront funding fee of .50%.

If you are a Veteran and have your DD-214 and/or Certificate of Eligibility, it would be a good idea to check further into what great loan programs are available to you.

Article written and submitted by:  JoAnn Moore, Licensed Mortgage Professional, NMLS # 165477. The Mortgage Market of Delaware P O Box 204 Georgetown, Delaware 19947. 302.855.1306,           


Posted by

JoAnn Moore


Jeremy K. Frost
Keller Williams Realty - Dripping Springs, TX
Associate Broker, ABR,CNE,CRS,ePro,PSA,RENE,SRS

This is a fantastic post. Thank you for sharing and best of luck!

Jul 25, 2016 08:43 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

When I was first licensed in 1981, my office was located just down the road from an Air Force base.  My homebuyers originated many VA loans.  However, I was just sitting here realizing it has been a very long time since one of my clients originated one.  I suspect it is because Sacramento experienced 3 base closures in the early 1990s.  However, we never know who our next client will be, and that is excellent information to have in the back of my head.  Thanks for sharing!

Jul 25, 2016 12:02 PM
Patricia Kennedy
RLAH@properties - Washington, DC
Home in the Capital

Hi, Joanne!  You've got lots of great information here for anyone who has or needs a VA loan.  

Jul 26, 2016 03:29 AM
JoAnn Moore
The Mortgage Market of Delaware - Georgetown, DE
Home Loans in Delaware

Thank you for your kind words Patricia. I really like helping Veterans become home owners.

Jul 26, 2016 11:18 AM
JoAnn Moore
The Mortgage Market of Delaware - Georgetown, DE
Home Loans in Delaware

Thank you Jeremy. I appreciate you taking time to read and comment on my article.

Jul 26, 2016 11:36 AM
JoAnn Moore
The Mortgage Market of Delaware - Georgetown, DE
Home Loans in Delaware

Hi Myrl,

I think I remember you talking about living near a base and doing a lot of home sales to Veterans before. There are many Veterans living in each state and many don't realize the huge benefit the VA home loans available to them.   

Jul 26, 2016 11:40 AM
Roy Kelley
Retired - Gaithersburg, MD

This is great information to share.

Have a great day and an outstanding week.

Aug 04, 2016 02:35 AM
JoAnn Moore
The Mortgage Market of Delaware - Georgetown, DE
Home Loans in Delaware

Thank you for your nice comment Roy. I really enjoy all of the photos of flowers you post.

Aug 04, 2016 05:50 AM
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Hello JoAnn Moore thanks for this helpful information about VA loans.  I will bookmark & use in next class

Aug 05, 2016 05:18 AM
John DL Arendsen
CREST "BACKYARD' HOMES, ON THE LEVEL General & Manufactured Home Contractor, TAG Real Estate Sales & Investments - Leucadia, CA
Crest Backyard Homes "ADU" dealer & RE Developer

Thanks for posting this on my MANUFACTURED HOME SALES AND LENDING INDUSTRY group. It's important information for our industry and I will gladly re post it.

Nov 19, 2016 08:39 PM