VA Loans

You served your country. Now let your country help you buy a home. VA loans offer zero down payment, no PMI, and some of the lowest rates available—exclusively for those who've earned it.

Who Is This Loan For?

✅ Active-duty military members
✅ Veterans with qualifying service history
✅ National Guard and Reserve members
✅ Surviving spouses of veterans who died in service or from a service-connected disability
✅ Current or former military looking to buy, refinance, or build a home

What Is an FHA Loan?

A VA loan is a mortgage backed by the U.S. Department of Veterans Affairs. The VA doesn't lend the money directly—they guarantee a portion of the loan, which allows lenders like us to offer incredible terms:

$0 down payment — buy a home with nothing out of pocket
No PMI (Private Mortgage Insurance) — save hundreds per month
Lower interest rates — typically 0.25–0.5% below conventional
Relaxed credit requirements — more flexible than conventional loans
No prepayment penalties — pay off your loan early with no fees
Limited closing costs — the VA caps what lenders can charge

The VA loan is widely considered the best mortgage product in America. If you're eligible, there's almost no reason to choose anything else for a primary residence.

At Team Malik, we're proud to help veterans and military families access the benefits they've earned. Licensed in Florida, New Jersey, and Pennsylvania.

VA Loan Requirements

Eligibility (Service Requirements)

You typically need one of the following:

90 consecutive days of active service during wartime
181 consecutive days of active service during peacetime
6+ years in the National Guard or Reserves
Surviving spouse of a veteran who died in the line of duty or from a service-connected disability

You'll need a Certificate of Eligibility (COE) from the VA. We can pull this for you electronically in minutes.

Credit Score

The VA has no official minimum credit score. However, most lenders require 580–620+. We work with multiple programs to find the best fit for your credit profile.

Down Payment

$0 — that's right, zero. VA loans offer 100% financing. You can put money down if you choose (which lowers your payment), but it's not required.

Income & Employment

Stable income sufficient to cover the mortgage payment
Typically 2 years of employment history (some flexibility for military transitions)
DTI ratio generally below 41% (can go higher with compensating factors)

VA Funding Fee

A one-time fee (1.25%–3.3% of loan amount) that funds the VA program. This can be:

Rolled into the loan (no out-of-pocket cost)
Waived entirely for veterans with service-connected disabilities
Reduced for subsequent use and larger down payments

Property Requirements

Primary residence only (no investment properties or vacation homes)
Must meet VA Minimum Property Requirements (MPRs) — safe, structurally sound, sanitary
Single-family homes, condos (VA-approved), townhomes, multi-unit (up to 4 units if you live in one)

VA Loan Benefits at a Glance

The VA Loan Process

Step 1 — Verify Eligibility

We pull your Certificate of Eligibility (COE) electronically. Takes minutes. If you have your DD-214 (discharge papers), that speeds things up, but we can often pull it without it.

Step 2 — Pre-Approval

We review your income, credit, and debts. You'll receive a pre-approval letter showing sellers you're a serious, qualified buyer backed by the VA. Turnaround: 1–2 business days.

Step 3 — Home Search Find your home.

VA loans work for single-family homes, townhomes, VA-approved condos, and multi-unit properties (up to 4 units if you occupy one).

Step 4 — VA Appraisal & Underwriting

The VA requires its own appraisal to ensure the home meets Minimum Property Requirements and is fairly priced. Underwriting reviews your full file. Timeline: 2–3 weeks.

Step 5 — Closing

Sign the papers, get the keys. The VA funding fee is typically rolled into the loan. Total timeline: 30–45 days.

Frequently Asked Questions

Can I use a VA loan more than once?

Yes! VA loan benefits are reusable. Once you sell a home and pay off the VA loan, your entitlement is restored. You can even have two VA loans at the same time in certain situations (remaining entitlement).

Is there a maximum loan amount?

For veterans with full entitlement, there is no loan limit as of 2020. You can borrow as much as a lender will approve with $0 down. If you have reduced entitlement (from a previous VA loan), county limits may apply.

What is the VA funding fee?

It's a one-time fee (1.25%–3.3%) that supports the VA loan program. First-time use with $0 down is 2.15%. It's waived for veterans receiving VA disability compensation. Most borrowers roll it into the loan.

Can I refinance with a VA loan?

Absolutely. The VA offers two refinance options:

IRRRL (Interest Rate Reduction Refinance Loan) — streamlined, minimal paperwork, lower your rate fast
Cash-Out Refinance — tap your equity, available up to 100% of home value

Do I need to be a first-time homebuyer?

No. VA loans are available whether it's your first home or your tenth. The benefit is based on your military service, not your homebuying history.

Can my spouse's income count?

Yes. Your spouse's income can be included to help you qualify, even if they're not a veteran. If your spouse is also a veteran, you may be able to combine entitlements.

What if the appraisal comes in low?

You have options: negotiate a lower price with the seller, pay the difference out of pocket, or walk away with your earnest money (if your contract has a VA appraisal contingency). We'll guide you through it.

Explore Other Loan Options

FHA Loans → Low down payment and flexible credit. Great for first-time buyers.

DSCR Loans → Qualify on rental income. Built for investors.

Bank Statement Loans → Self-employed? Use your deposits to qualify.

You've Earned This Benefit. Let's Use It.

Whether you're buying your first home or your fifth, your VA loan benefit is one of the most powerful financial tools available. Let's put it to work.

Malik Shalmiyev · NMLS #1542149

Team Malik Mortgage · Rize Mortgage (Standard Mortgage Capital LLC, NMLS #1604663) Licensed in FL, NJ & PA

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