VA Home Loans

VA loans are a type of mortgage loan that is guaranteed by the U.S. Department of Veterans Affairs (VA). VA loans are designed to help active-duty military members, veterans, and their families purchase a home. In this guide, we’ll cover some of the key features and benefits of VA loans.

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Down Payment Options

One of the benefits of a VA loan is that it allows for a zero down payment. This means that borrowers can purchase a home without having to make a down payment. However, a larger down payment can help reduce the monthly mortgage payment.


An appraisal is required for a VA loan to determine the value of the home being purchased. The appraisal is typically conducted by a licensed appraiser and the cost is generally paid for by the borrower. The appraisal helps ensure that the loan amount is appropriate for the home’s value.

Credit Scores Needed

VA loans are designed to help borrowers with lower credit scores qualify for a mortgage. To be approved for a VA loan, borrowers need a credit score of above 500.

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One of the unique features of VA loans is that they do not require mortgage insurance. This is a significant benefit for borrowers, as mortgage insurance can add a substantial amount to the monthly payment. 


VA loans have a funding fee, which helps fund the VA program. The funding fee varies depending on the loan amount, the type of loan, and whether the borrower has a service-related disability.  The funding fee can be paid upfront or rolled into the loan amount.


Another benefit of a VA loan is the protection it provides against certain fees. For example, VA loans limit the amount of closing costs that can be charged to the borrower, which can help save borrowers thousands of dollars in out-of-pocket expenses. In addition, VA loans prohibit certain fees that are commonly charged by lenders on other types of loans, such as prepayment penalties and fees for processing and underwriting the loan.


(704) 255-5067



1096 Assembly Drive, Suite 212,

Fort Mill, SC 29708


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Refine Mortgage Inc. NMLS# 2417960 | Refine Mortgage has no affiliation with the US Department of Housing and Urban Development, the US Department of Veterans Affairs, the US Department of Agriculture or any other government agency. Equal Housing Lender. Receipt of application does not represent an approval for financing or interest rate guarantee. Applicant subject to credit, acceptable appraisal, title, and underwriting approval. Not all applicants will be approved. Other terms and conditions apply. Contact Refine Mortgage for more information and up-to-date rates.