VA Standard

No Min. Credit Score No Min. Down Payment

VA Standard is a home loan program offered by the Department of Veterans Affairs (VA) to eligible veterans and their families. It offers several advantages, including no down payment, competitive interest rates, and minimal closing costs.

Program features

Loan amounts up to $2 million
No minimum credit score
No private mortgage insurance (PMI) required
No down payment required
A Certificate of Eligibility (COE) required

Why choose our VA Standard?

Lower upfront fees
Ability to lower your monthly payments with a temporary rate buydown option
Standard VA qualifications, no additional requirements

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Program details

Loan amounts up to $2 million

Debt-to-income (DTI) ratio up to 55%

No minimum down payment required

Eligible VA borrowers: Active-duty service members; Members of the National Guard; Reservists; Surviving spouses of veterans; Cadets at the US Military, Air Force or Coast Guard Academy; Midshipmen at the U.S. Naval Academy; Officers at the National Oceanic & Atmospheric Administration

A Certificate of Eligibility (COE) required

Owner-occupied option available only

At least two years of income history required through employment verification (pay stubs, including LES for military employment, W-2 forms or income tax returns, bank statements, proof of other income, including but not limited to investments, rental property, etc.)

Documentation of outstanding debts required

Gift funds are allowed

No private mortgage insurance (PMI) or mortgage insurance premiums (MIP) required

Ability to lower monthly payments with a temporary rate buydown option

Single-family home, townhouse, multi-family up to 4 units, condo in a VA-approved project, new-built home, manufactured home, lot

Fixed rates for 30-, and 15-year terms are available

Available to US citizens only

VA Standard FAQ

What is a VA Standard loan?

A VA Standard loan is a mortgage program offered by the Department of Veterans Affairs (VA) to help veterans, service members, and their eligible spouses finance the purchase of a home.

What are the benefits of VA Standard loans?

VA Standard loans typically come with lower down payments, competitive interest rates, and no private mortgage insurance (PMI).

Who are VA Standard loans for?

VA Standard loans are for veterans, active-duty service members, and eligible spouses. Specific requirements include minimum service time or a service-connected disability. See more details here https://www.va.gov/housing-assistance/home-loans/eligibility/

What are the qualifications for a VA Standard loan?

Minimum service requirements as outlined by the VA

– A valid Certificate of Eligibility (COE) from the VA (https://www.va.gov/housing-assistance/home-loans/how-to-request-coe/)

– Good credit history

– Stable income and employment history

– Sufficient debt-to-income ratio (DTI), below 55%

Can I get a COE as a spouse of a Veteran?

You may be able to get a COE if you’re the surviving spouse of a Veteran or the spouse of a Veteran who was missing in action or held as a prisoner of war (POW). Learn how to apply for a COE as a surviving spouse here https://www.va.gov/housing-assistance/home-loans/surviving-spouse

How long does it take to close on a VA Standard loan?

The closing process for a VA loan can take 30-45 days, similar to a Conventional loan.

Are there any mortgage insurance requirements for a VA Standard loan?

No, VA Standard loans do not require private mortgage insurance (PMI). However, as a VA borrower, you will need to pay a VA funding fee, a one-time cost that can be financed into the loan amount.

Why isn't mortgage insurance required for a VA loan?

The VA guarantee on the loan reduces the risk for lenders, allowing them to offer the benefit of no PMI.

As a VA borrower, can I get help with my down payment on a VA Standard loan?

Can VA Standard loans be refinanced?

Yes, there are VA refinance options available, including the VA IRRRL program for streamlining the refinance process for existing VA loans.

What are the interest rates on VA Standard loans, and how are they determined?

VA loans typically offer competitive interest rates, often lower than Conventional loans. Rates are influenced by market conditions, borrower’s creditworthiness, and the loan term they choose.

What is the maximum loan amount for a VA Standard loan, and how is it determined?

There is no national maximum loan amount for VA loans. However, A&D Mortgage has its own internal limits for a VA Standard loan of up to $2 million.

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#Yes to self-employed

Conventional Standard

Min. Credit Score 620 Min. 3% Down Payment

Loan amounts up to $802,650
Debt-to-income (DTI) ratio up to 50%
Minimum 3% down payment
Owner-occupied, second home, and investment properties

Freddie Mac Refi Possible

Min. Credit Score 620 Min. 3% Down Payment

Reduced documentation
Debt-to-income (DTI) ratio up to 65%
Primary residence
The current loan must be owned by Freddie Mac