If you've served, the VA home loan is almost always the first program worth looking at. It was created by the 1944 GI Bill and remains one of the strongest mortgage benefits in the country. Here's how it works.
What the VA loan offers
- No down payment. Finance 100% of the purchase price on an eligible home.
- No monthly mortgage insurance. Even with zero down. This alone can save hundreds a month compared to FHA or conventional loans.
- Competitive rates. VA rates are consistently among the lowest available.
- No prepayment penalty. Sell, refinance, or pay it off early without a fee.
- Flexible credit. The VA doesn't set a minimum score, and many lenders approve at 580 and above.
Who is eligible
Eligibility is based on service. In general:
- Veterans with 90 days of wartime service or 181 days of peacetime active duty, not dishonorably discharged
- Members of the Reserves and National Guard who meet service requirements
- Surviving spouses of eligible Veterans, and spouses of service members missing in action or held as prisoners of war
You'll need a Certificate of Eligibility from the VA. We can request it for you as part of your application, usually within a day or two.
The funding fee
Most borrowers pay a one-time VA funding fee, which can be financed into the loan. Veterans receiving VA disability compensation are typically exempt. It's the trade-off for having no monthly mortgage insurance, and for most buyers it's a good one.
What you can buy
Existing single-family homes, townhomes, VA-approved condos, new construction, and manufactured homes on a permanent foundation. The home must be your primary residence and must meet the VA's minimum property requirements, which are focused on safety and soundness.
Using your benefit more than once
VA entitlement can be restored after you sell and pay off a previous VA loan, and in many cases you can hold more than one VA loan at a time. If you've used the benefit before, we'll check your remaining entitlement.
Read more on our VA loans page, or start a quick quote and tell us about your service. We'll take it from there.
Have a question about your home loan?
Talk to a local Integrity Mortgage loan originator. No pressure, no cost, and a real person who knows the Arkansas market.