You served. Here is a benefit that honors that service.
If you served in the military before joining the fire service, or are currently in the National Guard or Reserve, a VA loan may be one of the strongest financial benefits available to you. No down payment, no PMI and competitive rates backed by the U.S. Department of Veterans Affairs.
Honor your service and open the door to homeownership.
VA loans eliminate the two biggest barriers to homeownership, the down payment and private mortgage insurance, while offering competitive rates and flexible qualifying terms. If you served, you have already earned this benefit.
The VA loan advantage. Here is what sets it apart.
For eligible members, a VA loan is often the most financially advantageous mortgage available.
No down payment. No PMI. Just more buying power.
VA loans allow you to finance up to 100% of your home’s purchase price with no down payment required and no private mortgage insurance. That eliminates two of the biggest costs conventional borrowers face, freeing up more of your budget from day one.
Competitive rates and lower upfront costs.
VA loans often carry lower interest rates than conventional mortgages because the VA guarantee reduces lender risk. The VA also limits what lenders can charge in closing costs, helping lower upfront expenses. In most cases, there is a one time VA funding fee, which can be rolled into the loan.
More flexibility to qualify.
VA loans offer more flexibility on credit and income requirements than most conventional loan programs, making homeownership more accessible for firefighters and veterans who may not fit the conventional lending mold.
A benefit you can use more than once.
Your VA loan entitlement is reusable. You can use it multiple times throughout your life, and VA loans are assumable, meaning a qualified buyer can take over your loan when you sell. If market rates have risen since you originated your loan, that assumability can be a meaningful selling advantage.
Not sure if you qualify? Here is who a VA loan is built for.
If you served, you may qualify. Review the eligibility criteria below and our Real Estate Loan Consultants will help you confirm your status and obtain your Certificate of Eligibility.
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An active-duty servicemember. -
A veteran who meets service requirements.
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A qualifying National Guard or Reserve member.
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The spouse of a fallen or disabled servicemember.
More than one way to put your VA benefit to work.
Your VA loan benefit is not limited to buying a home. Whether you are purchasing, refinancing for a lower rate or tapping into your equity, here is how eligible members can use it.
Purchase a home.
Buy a primary residence with no down payment and no PMI required.
Refinance with an IRRRL.
Reduce your VA loan rate with minimal documentation and no appraisal.
Cash-out refinance.
Access your home equity and convert it to cash for any financial goal.
Start your VA loan with confidence.
Take the first step with guidance that understands your VA benefit. Apply today and move forward with clarity, speed and support at every stage.
Everything you need to know about VA loans.
What is a VA loan?
A VA loan is a mortgage backed by the U.S. Department of Veterans Affairs. It is designed to help eligible servicemembers, veterans and certain surviving spouses buy, build or refinance a home, often with better terms than conventional loans including no down payment and no private mortgage insurance.
Who is eligible for a VA loan?
Eligible borrowers include active-duty servicemembers, veterans who meet service length requirements, National Guard and Reserve members with qualifying service and certain surviving spouses of servicemembers who died in the line of duty or as a result of a service-connected disability.
Do I need a down payment?
No. VA loans allow you to finance up to 100% of your home’s purchase price with no down payment required.
Is PMI required on a VA loan?
No. VA loans do not require private mortgage insurance, which can save eligible borrowers hundreds of dollars per month compared to low-down-payment conventional loans.
Is there a funding fee?
Yes. Most VA borrowers pay a one-time VA funding fee, which helps sustain the program for future veterans. The fee varies based on your down payment amount, whether it is your first use of the benefit and your military service category. In some cases, such as for veterans with qualifying service-connected disabilities, the fee may be waived. The funding fee can typically be rolled into the loan balance.
Can I use a VA loan more than once?
Yes. Your VA entitlement can be restored and reused after a previous VA loan is paid off. In some circumstances you may be able to use it again even while an existing VA loan is still active.
What types of properties can I purchase?
VA loans are intended for primary residences. Eligible property types include single-family homes, certain condominiums, manufactured homes and some multi-unit properties where the borrower occupies one unit.
Can I refinance with a VA loan?
Yes. The VA Interest Rate Reduction Refinance Loan (IRRRL) allows you to lower your rate on an existing VA loan with minimal documentation. A VA cash-out refinance allows you to access your home’s equity regardless of whether your current loan is a VA loan.
Firefighters First Credit Union is an Equal Housing Lender. This is not a commitment to lend. Loans are subject to credit approval and program guidelines. Terms and conditions apply and are subject to change without notice. Firefighters First Credit Union is not affiliated with or endorsed by the U.S. Department of Housing and Urban Development (HUD), or the U.S. Department of Veterans Affairs (VA).
NMLS ID #649058.
Subject to credit approval.