VA Home Loans
For active-duty and retired military personnel and their eligible surviving spouses.
VA home loans are provided by private lenders and are for qualified active-duty and retired military personnel – as well as eligible surviving spouses. The VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms.
VA Home Loan FAQs
What is a VA loan?
VA loans are loans offered exclusively to military veterans and their spouses. These loans offer low rates, 100% financing, and do not require private mortgage insurance (PMI).
What is the minimum credit score requirement for a VA loan?
The minimum credit score for any government guaranteed loan through Field & Main and our approved lender is 640. Additionally, your debt-to-income needs to 55% or lower.
Who can qualify for a VA loan?
Any veteran or any service member on active duty is eligible for a VA loan, including those that don’t have funds for a down payment.
Are there closing costs associated with a VA loan?
Yes. The closing costs associated with a VA loan are comparable to those with a conventional mortgage.
Do VA loans have a fixed rate?
Can you refinance a VA loan?
VA loans can be refinanced. However, when you refinance a VA loan the maximum loan to value requirement changes to 90%.
How long does it take to close a VA loan?
Closing on a VA loan can take up to 40 days.