VA Loans
VA Loans: Make the Most of the Benefit You Earned
Your service earned you access to one of the strongest home loan programs available. But using it well means understanding how it works, what it costs, and how it compares with other options. Jerry Ownby helps veterans, active-duty service members, National Guard and Reserve members, and qualified surviving spouses use their VA benefit with confidence, whether you’re buying your first home, relocating to a new duty station, or refinancing.
What Makes VA Loans Different?
A VA loan is a mortgage backed by the U.S. Department of Veterans Affairs (VA) and issued by approved lenders. Because the VA guarantees part of the loan, lenders can offer terms that other programs often struggle to match.
The biggest advantages include:
- No down payment for many eligible borrowers.
- No monthly private mortgage insurance (PMI).
- Competitive interest rates.
- Flexible credit and qualification guidelines.
- Limits on certain closing costs.
VA Loan vs. Conventional Loan
Many buyers wonder how a VA loan compares with a conventional mortgage. Here’s a general side-by-side look:
| VA Loan | Conventional Loan | |
|---|---|---|
| Down payment | Often none required | Varies, and some down payment is common |
| Monthly mortgage insurance | No PMI | PMI typically required with a smaller down payment |
| Upfront fee | VA funding fee (some borrowers are exempt) | No funding fee |
| Credit flexibility | Generally more flexible | Often stricter |
| Who can use it | Eligible military borrowers | Any qualified borrower |
| Property use | Primary residence | Primary home, second home, or investment |
The best choice depends on your goals, your finances, and how long you plan to stay in the home.
I’ll run the numbers on both options so you can compare real monthly payments, not just headlines. If you want to see what goes into a payment first, read our guide on the payment on a $400K mortgage.
How Does a VA Loan Payment Work?
Like most home loans, a VA loan is repaid over time through regular payments. Each payment covers interest and principal, and your balance shrinks as you pay.
To understand how that split changes over the years, see our explainer on mortgage amortization.
Your full monthly payment may also include property taxes and homeowners insurance. I’ll show you the complete picture before you decide.
Who Is Eligible for a VA Loan?
VA loan eligibility is based on military service. You may qualify if you are:
- A veteran who meets the service requirements and was discharged under qualifying conditions.
- An active-duty service member who has served the required length of time.
- A member of the National Guard or Reserves who meets the service requirements.
- A surviving spouse in certain situations.
Requirements vary depending on when and how long you served. I’ll walk you through eligibility and help you get your Certificate of Eligibility (COE). That’s the document that confirms your VA loan entitlement.
Understanding the VA Funding Fee
Most VA borrowers pay a one-time funding fee, which helps sustain the program. The amount depends on three things:
- Your down payment.
- Whether it’s your first time using the benefit.
- The type of loan.
You can often finance the fee into your loan amount. Some borrowers may be exempt, including many veterans who receive VA disability compensation.
I’ll explain how the fee applies to you and what it means for your payment.
VA Loans for Every Stage of Military Life
Buying Your First Home After Service
Transitioning to civilian life is a big change, and buying a home shouldn’t add stress. VA financing can help you put down roots without draining your savings.
Relocating to a New Duty Station
Military moves happen fast. Jerry understands tight timelines and works to keep your transaction moving, so you can focus on your family and your next assignment.
Refinancing Your Mortgage
Existing VA borrowers may be able to lower their rate through a streamlined refinance, and some homeowners with non-VA loans may refinance into a VA loan to take advantage of its benefits.
Using Your Benefit Again
Many borrowers can use their VA benefit more than once, depending on remaining entitlement. Whether you’re upgrading or moving again, Jerry can help you determine your options.
VA Property Requirements
VA loans are intended for primary residences. The home must meet VA minimum property requirements and pass a VA appraisal, which confirms the home’s value and that it’s safe, structurally sound, and sanitary. These standards help protect you from buying a property with serious issues.
Serving Military Borrowers in 14 States
Jerry Ownby proudly serves eligible borrowers throughout Arizona, Alaska, California, Colorado, Florida, Georgia, Maryland, Montana, Ohio, Texas, Utah, Washington, South Carolina, and West Virginia. Many of these states are home to major military communities, so Jerry is familiar with the needs of service members and their families.
Compare Your Options
VA loans are often an excellent choice for eligible borrowers, but it never hurts to explore. Depending on your goals, you might also look at conventional loans, FHA loans, or jumbo loans for higher-priced homes. Military investors may be interested in DSCR loans for rental properties, and homeowners can tap equity through HELOCs. Use the loan calculator to estimate payments and check today’s rates as you plan.
The VA Loan Process, Step by Step
- Consultation: Talk with Jerry about your goals, budget, and service history.
- Confirm eligibility: Obtain your Certificate of Eligibility.
- Pre-approval: Know your price range before you shop.
- Find your home: Work with your real estate agent to choose a qualifying property.
- VA appraisal and underwriting: The home and your file are reviewed.
- Closing: Sign your documents and get your keys.
A Relationship That Lasts Beyond Closing
Jerry’s goal isn’t just to close your loan. It’s to be your trusted mortgage resource for years to come. Whether you’re planning a future refinance, buying another home, or simply have questions, he’s here to help.
Ready to Use Your VA Benefit?
Contact Jerry Ownby today at 480-980-0900 or visit 459 N Gilbert Rd, Suite B100, Gilbert, AZ 85234 to start your VA loan journey. Honest guidance and responsive service are just a call away.