VA Loans In Massachusetts

Benefits of VA Loans

Ask what down payment applies to the purchase being considered.

Ask how the proposed refinance amount relates to the property's value and the program terms.

Ask what mortgage-insurance costs, if any, appear in the proposed loan terms.

Ask which closing costs a seller may pay under the offer being considered.

Ask how the VA guarantee and the lender's review apply to your application.

If you already have a VA loan, you might be eligible for a VA streamline refinance.

If VA disability status may be relevant, ask whether a funding-fee waiver applies and what documentation is required.

Who is eligible for a VA Home Loan?

As a rule of thumb, almost all active duty or honorably discharged service members are eligible for a VA loan.

You may be eligible for a VA loan if any one of these statements describes you:

I served 181 days during peacetime. (Active Duty)

I served 90 days during wartime. (Active Duty)

I served 6 years in the Reserves or National Guard.

I am the spouse of a service member who was killed in the line of duty.

I currently receive disability payments from the VA.

VA Funding Fees

The VA funding fee is paid directly to the Department of Veterans Affairs to guarantee a loan. This fee ranges from 1.4% to 3.6% of the loan, depending on these factors:

Type of loan, e.g. purchase, construction or refinance

Size of down payment

First-time use or subsequent use

The page identifies first or subsequent use and down payment as factors; ask how they affect the fee quoted for your loan. You can pay it as a lump sum at closing or include it in the loan to pay over time.

The funding fee is separate from a down payment and other closing costs, such as an appraisal, title and escrow. In some cases, the seller may cover these expenses. Check with a VA loan officer for more information about the fees you can expect to pay.

If you already have a VA loan, ask whether a streamline refinance fits your situation and compare the new payment, term, fee, and total cost with the current loan. As a VA loan mortgage broker, we at Superior Rate Mortgage are happy to help you determine if refinancing is the right choice.

Separate eligibility from the amount due

Eligibility file

Possible eligibility examples include 181 days of peacetime active duty, 90 days of wartime active duty, six years in the Reserve or National Guard, or a surviving spouse of a service member killed in the line of duty. These are examples to verify; they do not establish eligibility by themselves.

Which service record or other evidence is needed for this application?
Does the applicant's service history match a listed category, and what additional VA eligibility confirmation is required?
If disability payments or eligibility for them are relevant, what evidence is needed to review a funding-fee waiver?

Down payment, PMI, and funding fee

Eligible borrowers may be able to buy with no down payment when the purchase price does not exceed the appraised value. VA loans do not require PMI. A VA funding fee is separate from PMI and may apply; its amount depends on loan type, down payment, and first or later use.

Compare paying any funding fee at closing with financing it, and see how each changes the amount borrowed.
Ask which closing costs a seller may pay under the specific offer and which remain your responsibility.

If you already have a VA loan, check whether a streamline refinance fits your situation and compare its payment, term, fee, and total cost with your current loan. Start with the document checklist, review refinance questions, or read the related VA loan article.