FAQs
What’s a VA loan and what are the benefits?
$0 Down. Competitive rates. No Max Loan Amount.*
If you are a qualifying Veteran, you can get better rates than regular mortgages with loanDepot's VA loan. Let our loan officers help you determine your eligibility and start the mission to build your personal wealth today!
1. No Down Payment
VA loans have no down payment requirement, so homebuyers can finance up to 100 percent of the purchase price of their home, or in some cases even higher.
2. No PMI Requirement
Unlike some FHA and conventional loans, VA loans do not require Private Mortgage Insurance (PMI). For additional details visit our VA loan calculator.
3. Less Stringent Restrictions
Since many veterans have spent time overseas and may not have established credit, the VA reviews the entire loan profile holistically before making a determination.
4. Competitive Rates
Although VA loans are not offered directly through the Veterans Administration, they are partially guaranteed by the federal government, enabling us to offer very competitive terms and interest rates compared to other types of loans.
5. Lower Closing Costs
The VA limits the closing costs lenders can charge to VA loan applicants, which can make a VA loan more affordable than other types of loans. Money saved can be used for furniture, moving costs, home improvements or anything else.
6. Use More Than Once
If you are eligible for a VA loan, you can use your VA loan benefit multiple times, on subsequent homes or even when refinancing an existing VA loan.
What are the property requirements for VA loans?
What are some other uses for VA loans?
* Purchase transactions only
Subject to VA Eligibility, qualified veterans need to obtain a certificate of eligibility from the VA. Visit http://www.va.gov/housing-assistance/home-loans/eligibility to learn more about your eligibility requirements. loanDepot.com, LLC is not acting on behalf of or at the direction of the U.S. Dept. of Veterans Affairs, the U.S military or the federal government.
This information is not intended to be an indication of loan qualification, loan approval or commitment to lend. Loans are subject to credit and property approval. Not all products available in all areas. Other limitations apply. Rates, terms, and availability of programs are subject to change without notice.
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