VA Loans
CrossCountry Mortgage supports our Military Families from the past to the present —and beyond. VA loans are our way to help people achieve homeownership after proudly defending our country. At CCM, we’ll always help our heroes find their way home.
What is a VA loan?
A VA loan is a mortgage that’s guaranteed by the U.S. Department of Veterans Affairs (VA). This guarantee helps us offer qualified Veterans, Active-Duty Military, and others more favorable terms on a home loan or mortgage refinance.
You don’t need to be a first-time homebuyer to receive VA mortgage benefits. If you remain in good standing without foreclosure, you can reuse the loan on other home purchases. And typically, it doesn’t require a down payment — making it easier for our heroes to get the home they want.
What are the benefits of a VA home loan?
The VA offers a few home purchase and mortgage refinance loan programs depending on your needs. In general, these programs can help you qualify for a veterans loan with a competitive interest rate and doesn’t require private mortgage insurance (PMI). The VA also offers programs that let you refinance an existing VA home loan or take cash out of your home’s equity.
- Up to 100% financing is available with no mortgage insurance
- No appraisal needed on VA Streamline Refinance loans
- VA rules limit your closing costs
- Closing costs may be paid by the seller
- You can’t be charged a penalty fee if you pay off the loan early
- If you have trouble making payments, the VA may be able to help
- Surviving spouses of deceased Veterans may also be eligible
VA loan types
There are many different scenarios where a VA loan may fit your situation best. Understanding your options is key to making the best financial decision. Whether you’re looking to renovate, purchase, refinance, or build — we’ll help find your VA loan solution.
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A VA-approved appraiser must determine the home’s fair market value based on size, features, condition, and comparable properties to meet the VA’s Minimum Property Requirements.
- 100% financing available
- No down payment required
- Seller can contribute up to 4% for closing
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VA IRRRL or Cash-Out Refinance loans offer simple, low-cost options that may not require credit underwriting, income verification, or an appraisal.
- Get cash from your home’s equity
- Use cash to pay off debt, renovate, or education
- Get a lower rate for your existing VA loan
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Typically, there are limits to what you can renovate. Anything that requires a structural engineering report is off limits, but here’s what you can do with a VA Renovation loan:
- Repair windows
- Replace roofing
- Improve energy efficiency
- Repair plumbing or electrical
- Install new HVAC or water heaters
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Build your dream home with a VA one-time close loan that will help you cover the cost of construction.
- Must find a VA-approved builder who is licensed and insured
- Submit your complete set of plans during the application process
- Submit proper documentation concerning the materials used
- Receive plans for your new construction home
How to qualify for a VA loan
The VA loan requirements include the following: the Veteran, Active-Duty Military, or other qualified individual must be the personal occupant of the home and must have sufficient income, suitable credit and a valid Certificate of Eligibility (COE). To obtain a COE, you must have been discharged under conditions other than dishonorable and meet certain service requirements as listed below:*
| Status | Qualifying Wartime & Peacetime Periods | Qualifying Active Duty Dates | Minimum Active Duty Service Requirement |
|---|---|---|---|
| Veteran | WWII | 9/16/1940 – 7/25/1947 | 90 total days |
| Post-WWII | 7/26/1947 – 6/26/1950 | 181 continuous days | |
| Korean War | 6/27/1950 – 1/31/1955 | 90 total days | |
| Post-Korean War | 2/1/1955 – 8/4/1964 | 181 consecutive days | |
| Vietnam War | 8/5/1964 – 5/7/1975 For Veterans who served in the Republic of Vietnam, the beginning date is 2/28/1961. | 90 total days | |
| Post-Vietnam War | 5/8/1975 – 9/7/1980 The ending date for officers is 10/16/1981. | 181 continuous days | |
| 24-month rule | 9/8/1980 – 8/1/1990 The beginning date for officers is 10/17/1981. | – 24 continuous months OR – the full period (at least 181 days) for which you were called or ordered to active duty | |
| Gulf War | 8/2/1990 – Present | – 24 continuous months OR – the full period (at least 90 days) for which you were called or ordered to active duty | |
| Currently On Active Duty | Any | Any | 90 continuous days |
| National Guard and Reserve Member | Gulf War | 8/2/1990 – Present | 90 days of active service |
How to get a VA loan
Here are 5 simple steps:
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1
Make sure you meet the VA home loan requirements for application
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2
Get a valid Certificate of Eligibility (COE) — we can contact the VA on your behalf
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3
Choose an approved lender for your VA home loan
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4
Apply for loan pre-approval, to determine how much you can afford
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5
Find your dream home
CrossCountry Mortgage has helped Active Military Personnel, Veterans, and other eligible groups make sense of VA loans, guide them through the process, and ultimately match them with the right mortgage option.
VA loan FAQs
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Yes, private lenders like banks, mortgage companies, and savings and loan associations can provide VA-guaranteed home loans to eligible Veterans and Active-Duty Service Members.
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The VA home loan program helps Veterans, Service Members, and eligible Surviving Spouses become homeowners. The VA guarantees a portion of the loan, which allows lenders to offer more favorable terms, including interest rates, eliminating down payments and mortgage insurance, and favorable closing costs.
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The VA loan works different than Conventional loans<5.4.1 conventional loan>. First, you’ll have to see if you qualify for VA guidelines and obtain a Certificate of Eligibility (COE). The overall process is similar to most other mortgage options, including pre-qualification and pre-approval. Once you find a home and put in an offer, you’ll go through the VA appraisal and underwriting process to meet the minimum property requirements. After all issues are cleared, you’re ready to close on your new home.
