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Affordable home financing for veterans

VA Home Loans

You’ve served our country. Now, let us serve you. How does a VA home loan work? Our VA loans can help you buy a new home with zero down, 100% loan-to-value financing and a low interest rate.

Buy or refinance with a VA home loan

If you’re a veteran, active duty military/reservist or National Guard member, you may be wondering how a VA loan works. A VA loan from Mountain America is an excellent option to help you buy or refinance your home. With this type of home loan, the U.S. Department of Veterans Affairs (VA) backs the home loan, so you may be eligible for a lower down payment, lower closing costs and additional loan protections.

VA home loan features

Up to 100% loan-to-value financing¹
No down payment required as long as sale price doesn’t exceed appraised value
No private mortgage insurance required
Fixed- and adjustable-rate options
Low closing costs
Quick Close℠ electronic mortgage process

Additional VA loan details

Nontraditional credit allowed in some cases (includes detailed payment history on rental payments, utility bills, telephone/mobile services and television service)
No prepayment penalties
Closing costs may be paid by the seller
Insured by the VA

Estimate your mortgage payments

Purchase price

Down payment

Customize your rate

Today's rate

-1%0 %+1%

*On approved credit

Get the affordable home financing you deserve

Apply for a VA loan online below or call 1-800-277-7703. If you still have questions, schedule an appointment with one of our mortgage specialists for answers.

Apply now Meet with a specialist

How do VA Loans Work?

Veterans Affairs mortgages, most commonly called VA loans, are home loans made available to military veterans and active servicemen and women. These loans are designed mainly for move-in ready properties and can be secured without a down payment or minimum credit score requirement, even with a history of bankruptcy or foreclosure.

VA loans are provided by private lenders, namely banks and credit unions, and are guaranteed by the Department of Veterans Affairs. The VA guarantee means the borrower won’t have to pay mortgage insurance, but they will pay a VA funding fee, typically about two percent of the loan amount.

VA loans FAQs

What are the benefits of a VA loan?

The benefits of a VA home loan are:

Low interest rates
No down payment
No mortgage insurance requirements

What is the minimum credit score for a VA loan?

While the U.S. Department of Veteran Affairs does not require a minimum credit score, individual VA loan lenders may have their own requirements. On average, the minimum credit score is 600.

Who is eligible for a VA home loan?

VA home loans are for anyone who has served in the United States military or are currently active duty.

Is it harder to buy a house with a VA loan?

No, purchasing a home will not be more difficult with a VA loan. In fact, the benefits offered by a VA loan may make the home-buying or refinancing process easier.

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6 Budget Busters

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*Loans on approved credit. Actual APR based on creditworthiness. Information and interactive calculators are made available as self-help tools for independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regard to individual circumstances. All examples are hypothetical and are for illustrative purposes. Seek personalized advice from qualified professionals regarding all personal finance issues. Actual rate, payment and costs could be higher. The payment amount does not include homeowner's insurance or property taxes which must be paid in addition to your loan payment. Get an official loan estimate before choosing a loan. Some limitations on loan amounts may apply based on county limits and/or loan product. FHA county loan limits apply for FHA loans.

1. Loans on approved credit. Actual APR based on creditworthiness. Membership required.

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© 2024, all rights reserved. Mountain America Credit Union, P.O. Box 2331, Sandy, UT 84091, 1-800-748-4302. Unauthorized account access or use is not permitted and may constitute a crime punishable by law. Mountain America Federal Credit Union does business as Mountain America Credit Union. Membership required—based on eligibility. Loans on approved credit. Annual Percentage Yield (APY). Annual Percentage Rate (APR).

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