VA Loans

You typically obtain eligibility for a VA loan by being an active service member for four years, or a reservist for six years.  Though if you spent 6 months deployed in a hazard zone, you may be eligible following that deployment.  We can help you check your eligibility if you send us this form filled out.

If you have full eligibility on your VA loan, you can get financing with 0% down up to $636,150 in the DC area.  But that is not the loan amount cap, just the cap for no down payment.  For every dollar you spend above $636,150, you’ll need to put down .25.  So for a property priced at $736,150 your down payment is $25,000.  Or on a property priced at $1,000,000, your down payment is $90,963.

The VA loan is the best loan that exists because regardless of down payment, there is no monthly mortgage insurance.  VA loans also have lower rates than do conventional loans.  Unless you are exempt, the VA does charge an upfront funding fee which is financed into your loan in order to guarantee your loan.  The funding fee amount is:

Regular Military:

  • 0% down: 2.15% (or 3.3% if not first time use)
  • 5% down: 1.5%
  • 10% down (or more): 1.25%

Reservist/National Guard:

  • 0% down: 2.4% (or 3.3% if not first time use)
  • 5% down: 1.75%
  • 10% down (or more): 1.5%

The minimum credit score required is 620.  Though loan terms and underwriting improve with higher credit scores.  If you previously had a VA loan, you can get your eligibility restored.

Questions, or ready to proceed?  240-479-7658.  Email me

Pre-Qualify Now