VA Loan – Homespire Mortgage

VA Loan

A VA Loan lets you purchase your home with zero down and fewer restrictions.


A VA Loan lets you purchase your home with zero down and fewer restrictions

  • Are you a veteran, active-duty service member or a surviving spouse?
  • Do you need fewer restrictions and faster approvals?
  • Want to buy your new home with no money down?
  • Need to refinance up to 120% of your home?

The VA loan is a loan program designed specifically to help you purchase a home with fewer restrictions and with little to nothing down. The Veterans Affairs (or VA) loan is governed by the United States Department of Veterans’ Affairs.

How can a VA Loan benefit me?


  • Qualify with a credit score as low as 620
  • Little-to-No money down required (100% financing available)
  • Get a secured fixed rate loan for 30, 20, or 15 year term
  • Get a 5-year adjustable rate mortgage
  • Fewer restrictions make it easier to qualify
  • Refinance up to 120% of your home’s value
  • Lower or no closing costs
  • No Private Mortgage Insurance (PMI) is required
  • Jumbo VA loans available up to $1,094 and up to $325,000 cash-out on a refinance
  • VA loans are governed by the U.S. Department of Veterans Affairs

Is this loan right for me?

  • If you are you a veteran, active-duty service member or a surviving spouse of a veteran
  • If you have credit score concerns or insufficient credit history
  • If you have less than 20% available for a down payment on your home
  • If you are a first time home buyer or refinancer needing to finance over 80% of your home

Talk to a Personal Loan Consultant to find out if a VA Loan is right for you.

Other Loan Options to Consider:

A 30-year fixed rate mortgage is the most popular home loan option available. It is ideal for home buyers because of its straightforward structure and its predictable and steady monthly payment. With a 30 year fixed-rate mortgage, it is easy to set your budget because your total payment of principle and interest remain unchanged for the entire term of the loan.

How can a 30 Year Fixed Loan benefit me?

  • Stable and lower monthly mortgage payments
  • Build more equity over time
  • Lock in a low interest rate
  • Most popular loan for new home buyers
Is this loan right for me?

  • First Time Home Buyer
  • Want a consistent mortgage payment throughout the life of the loan
  • Don't expect to move/relocate

In a 15-year fixed rate mortgage, you will be able to take advantage of a lower interest rate than you would with a 30-year fixed rate mortgage and you'll own your home quicker too! It is a great way to save money because a lower interest rate and a shorter term means that you will be paying less interest over the life of your loan. Be sure to factor into your budget that a 15 year fixed-rate mortgage will naturally come with a higher, but steady, monthly payment.

How can a 15 Year Fixed Loan benefit me?

  • Pay less interest on mortgage loan
  • Lock in a low interest rate
  • Stable monthly mortgage payments
  • Build equity quicker
  • Lower mortgage insurance premium
Is this loan right for me?

  • First Time Home Buyer
  • Want to pay off your loan quicker
  • Save money by paying less interest
  • Have sufficient income to afford a higher monthly payment

An adjustable rate mortgage, also referred to as an ARM or variable rate, is a loan option with a low introductory rate. The interest rate with this mortgage will adjust over time (typically 5 to 7 years). Depending on changes in the financial index associated with your loan, your monthly payment will either increase or decrease.

How can a ARM Loan benefit me?

  • Low initial monthly payments
  • Low introductory mortgage rate
  • Reduce the cost of your mortgage
  • Ability to qualify for a higher loan amount

Is this loan right for me?

  • First Time Home Buyer
  • Flexibility to refinance in the next 5, 7, or 10 years
  • Plan to move in the next 5-10 years
  • Expect future increase in salary
  • Want lower initial mortgage payments

Are you concerned about your qualifying income or credit score? A Federal Housing Administration (FHA) loan is a popular option for home buyers with lower qualifying income, low credit scores or a lack of credit history. FHA loans require a significantly lower down payment (as little as 3.5%) and are easier to qualify for than a conventional mortgage.

How can a FHA Loan benefit me?

  • Low closing costs
  • Lower required down payment (as little as 3.5%)
  • Secured fixed interest rate
  • Lower mortgage insurance premiums
  • Easier to qualify for even with a low credit score or lack of credit history

Is this loan right for me?

  • If you have credit score concerns or insufficient credit history
  • If you have less than 20% available for a down payment on your home
  • If you are a first time home buyer or are refinancing and needing to finance over 80% of your home
Have you checked the USDA Eligibility in your county to see if you may qualify for a zero money down USDA Home loan? You just might be surprised at how many areas in the United States are designated for USDA loans. The USDA (United States Department of Agriculture) loan, also known as a Rural Development loan is ideal for new home buyers purchasing a home in one of these designated USDA rural areas because of its low rates, no money down and 100% financing to qualified buyers. With zero required down payment this loan is perfect for home buyers who are concerned with funding and qualifying income.

How can a USDA Loan benefit me?

  • No money down required
  • 100% financing for qualified buyers
  • Lower fixed interest rate
  • Include closing costs in loan

Is this loan right for me?

  • First Time Home Buyer
  • Purchasing a home in a rural area
  • Have low to moderate income

First Time Home Buyers' Guide


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