VA Loans
Jay Dacey Mortgage Team Inc proudly offers mortgage loan products for active-duty military and veterans in Minnesota, Wisconsin, and Florida.
Introduction to VA Loans
Watch how VA financing works and why it offers some of the best mortgage terms available.
What Is a VA Loan?
A VA loan is a mortgage loan guaranteed by the U.S. Department of Veterans Affairs (VA) that is available to most U.S. service members. VA loans do not require any monthly mortgage insurance included in the loan amount, and a veteran borrower could purchase a home without putting any money down.
VA loans are available in 5- or 7-year ARMs, or 15- or 30-year fixed mortgages. Veterans can only have one VA mortgage at a time.
Check Your VA Loan Eligibility
Call us at 651-315-7681 to discuss your eligibility and county limits.
Purchases
VA loans can only be used on a primary residence. A veteran borrower could purchase a home with 0% down, which is one of the biggest advantages to a VA loan.
- 0% Down Payment: Purchase a home without putting any money down.
- No Monthly PMI: No monthly mortgage insurance included in the loan amount.
- Appraisal: An appraisal must be ordered through the VA.
- Seller Contributions: The seller may pay up to 6% of the purchase price towards closing costs.
- Residual Income: Veterans must meet residual income requirements, meaning that you have enough income left over after paying your mortgage. Contact our Veteran Loan Specialists to discuss the residual income limit for your county.
- Funding Fee: VA loans have a funding fee charged by the Department of Veterans Affairs. Disabled veterans may qualify for a waiver of this fee.
Refinances
With a VA loan, you can refinance for up to 100% of the value of your home.
- Refinance up to 100%: Refinance for up to 100% of the value of your home.
- VA IRRRLs: VA-to-VA refinances (where both the mortgage being paid off and the new mortgage are VA loans) are called IRRRLs, or interest rate reduction refinance loans.
- No Credit or Income Verification: IRRRL streamline loans do not require credit or income verification.
- Cash-Out Refinancing: You cannot take cash out with an IRRRL; that would be considered a cash-out refinance and would follow standard VA residual income requirements.
What Documents Will I Need?
Below is a general list of documents needed for a VA loan. You may need more or fewer documents depending on your situation:
Contact our team today to get started on your VA pre-approval.
Frequently Asked Questions
Common questions about VA loans and how they work.
Ready to Get Started on Your VA Loan?
Contact our team today at 651-315-7681 or click below to get started on your VA Loan Pre-Approval.
Direct access to Jay Dacey (NMLS #375033) & Veteran Loan Specialists • Jay Dacey Mortgage Team, Inc. (NMLS #1812066)
What Our Clients Say
Real feedback from Minnesota, Wisconsin, North Dakota, and Florida homebuyers and refinancers.
"Amazingly Helpful"
I have yet to actually buy a house myself, mostly due to my own questions on what I want, but Jay came highly recommended from a trusted co-worker. He has helped me through multiple choices, questions, potential properties, and helped my sister with her mortgage too. I would highly recommend Jay and his team!
"Seamless Home Buying Experience"
Jay and Madeline were incredible to work with from start to finish. As first-time homebuyers, we had endless questions and they walked us through every option patiently. They found us a rate we couldn't get anywhere else and closed right on schedule!
"Engaged and Responsive!"
THANK YOU to Molly and the Jay Dacey Team! During a refinance of my mortgage loan for lowering my interest rate, lowering my mortgage payment, and squaring away my escrow account! Engaged and responsive! Handled a difficult purchase previously and executed flawlessly.
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