VA Loans

Mortgages Tailored to Our Nation’s Service Members

About VA Loans

A Path for Our Service Members

VA loans are a government-backed loan that is available only to members of the US military, veterans, and surviving spouses of service members.  VA loans are insured through the Department of Veterans Affairs, and offer several advantages for home buyers, including no down payment being required.

At Federal Hill Mortgage, we salute the dedication and bravery of our servicemen and women, and believe it’s our duty to help you secure the loan option that is right for your family and future. 

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To secure your VA loan, it's best to start with pre-approval. Pre-approval allows your broker to begin processing your financial information and make an educated guess about how much you'll be able to afford when shopping for a home.

Now it's time to apply for your loan. Your broker or lender will get into the weeds of your financial history and present you with the final amount for your chose loan type. 

Find the home of your dreams! With the peace of mind that comes from a no down payment VA loan, you can enjoy the shopping process. 

understanding VA mortgages

What you need to know about a VA Loan

When you’re looking for the best Maryland mortgage rates and loans, a VA loan can seem like a great option. It offers distinct advantages to service members, but let’s take a total look at what you need to know about a VA loan. 

 

Service Requirements

To qualify for a VA loan, you must be able to state you are one of the following: 

Down Payments

The most appealing factor of a VA loan is that you are not required to pay anything down. This is a huge help to service members and their families as it removes one of the most difficult barriers that exists to home buying. Additionally, unlike FHA loans, you are not required to purchase a mortgage insurance premium (MIP). 

 

Credit Score

The Federal Government does not mandate a credit score requirement for VA loans. However, many lenders still require a score of 620 or higher to qualify. VA loans do offer a higher upper limit of acceptability on debt-to-income ratio, which can assist borrowers. 

VA Funding Fee and Usage Limits

One downside of a VA loan is that borrowers are required to pay a VA funding fee. The VA funding fee varies in amount but typically equates to 2.3% of the purchase price for first-time buyers. This fee is still lower than the lowest allowed down payment for an FHA loan. Additionally, VA loans can only be used to purchase a primary residence, and can not be used for investment properties or second/vacation homes.

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At Federal Hill Mortgage, our success is measured by how we succeed for you. We strive to help each client we work to meet their home buying goals and choose a loan that fits their finances and needs.