Perfect Loan for First-time Buyers

VA loans, also known as VA-guaranteed loans, are mortgage loans that are backed by the Department of Veterans Affairs (VA) in the United States. These loans are designed to help active-duty military personnel, veterans, and eligible surviving spouses achieve homeownership.


Empowering Borrowers with Favorable Terms

VA loans are an excellent option for eligible military personnel and veterans looking to purchase or refinance a home. They provide numerous benefits, including no down payment, flexible credit requirements, and competitive interest rates. It is recommended that individuals interested in VA loans reach out to VA-approved lenders who specialize in these types of loans for further guidance and assistance throughout the loan application process.

Here are the key features of VA loans:

  • 1
    VA Loan Guarantee: VA loans are guaranteed by the VA, which means that the VA will reimburse the lender a portion of the loan amount if the borrower defaults. This guarantee reduces the risk for lenders, allowing them to offer more favorable terms and conditions.
  • 2
    No Down Payment: One of the significant benefits of VA loans is that they typically do not require a down payment. This can be a substantial advantage for eligible borrowers who may not have the funds available for a significant upfront payment.
  • 3
    Flexible Credit Requirements: VA loans tend to have more flexible credit requirements compared to conventional loans. While specific credit score requirements may vary between lenders, VA loans often provide more leeway for borrowers with less-than-perfect credit histories.
  • 4
    No Private Mortgage Insurance (PMI): VA loans do not require borrowers to pay for private mortgage insurance, which is typically required for conventional loans with less than a 20% down payment. This can result in significant cost savings over the life of the loan.
  • 5
    Competitive Interest Rates: VA loans generally offer competitive interest rates that are comparable to or lower than those of conventional loans. This can help borrowers save on their monthly mortgage payments.
  • 6
    Funding Fee: VA loans require the payment of a funding fee, which is a one-time upfront fee that helps offset the costs of the VA loan program. The fee amount varies based on factors such as the borrower’s military category, down payment amount (if any), and whether it is the borrower’s first or subsequent VA loan.
  • 7
    Loan Limits: VA loans do not have a specific loan limit; however, the VA has set maximum loan limits that determine the amount of liability the VA can assume. These limits vary by county and are based on the conforming loan limits set by the Federal Housing Finance Agency (FHFA).

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