Loan options / VA loans
You served.The down paymentis handled.
A VA loan lets eligible veterans, service members, and surviving spouses buy a home with no down payment, no monthly mortgage insurance, and a rate that is usually below conventional. Patriot has been closing VA loans since 2011, and you will work with one licensed loan officer, by name, from first call to keys.
Who qualifies
Eligibility comes from service, not savings.
The VA issues a Certificate of Eligibility based on your service record. We pull it for you in most cases, usually the same day. Scroll through the four groups who qualify.
Discharged other than dishonorably
Generally 90 continuous days of active duty during wartime, or 181 days during peacetime. Shorter periods can qualify if you were discharged for a service-connected disability.
Currently serving
Eligible after 90 continuous days of active service. You can buy while still serving, including with a spouse who will occupy the home while you are deployed.
Six years of service
Six years in the Selected Reserve or National Guard, or 90 days of active service under federal orders, at least 30 of them consecutive.
Un-remarried spouses
Spouses of service members who died in service or from a service-connected disability, and certain spouses of veterans who are missing in action or prisoners of war.
What you'll need
Six things we look at.
- Certificate of EligibilityProves your entitlement to the VA. We request it through the VA portal; you rarely need to do anything.
- CreditThe VA sets no floor. Patriot's minimum is currently 580 (subject to change), and we look at the whole file, not just the number.
- Income and debtThe VA uses a 41% debt-to-income guideline together with a residual-income test, which is why VA borrowers can often qualify for more than a conventional borrower with the same paycheck.
- OccupancyThe home must be your primary residence, and you generally move in within 60 days of closing. Second homes and pure investment properties do not qualify.
- The propertyA VA appraiser confirms value and that the home meets the VA's minimum property requirements: safe, structurally sound, and sanitary.
- Funding fee or exemptionMost first-time users pay 2.15% of the loan amount, financed into the loan. Veterans with a VA disability rating and eligible surviving spouses pay nothing.
How it works
From first call to closing. Five cards, one person the whole way.
Talk to your loan officer
One call, one person. You get a name, an NMLS number, and a direct line, and that person stays on your file until you close.
Get pre-approved
We verify income, pull credit, and request your Certificate of Eligibility through the VA portal. Most VA pre-approvals are ready within a business day.
Shop with confidence
Your pre-approval letter tells sellers you are a real buyer. Your loan officer talks to listing agents directly when a VA offer needs explaining.
Appraisal and underwriting
The VA appraisal is ordered the day you go under contract. Every condition and milestone comes to you by text and email.
Close and move in
Sign, fund, and get your keys. No prepayment penalty, ever, if you refinance or sell later.
Ways to use your benefit
Purchase, refinance, or both.
Purchase
Buy a single-family home, an approved condo, or a property with up to four units if you live in one. No down payment with full entitlement.
Streamline refinance (IRRRL)
Lower your rate on an existing VA loan with limited paperwork, no appraisal in most cases, and a reduced 0.5% funding fee.
Cash-out refinance
Refinance any mortgage into a VA loan and take cash out of your equity, up to 100% of the appraised value where guidelines allow.
Higher-priced homes
With full entitlement there is no VA loan limit, so a jumbo-sized purchase can still be a zero-down VA loan.
Questions
Straight answers.
Can I use my VA benefit more than once?
Yes. Entitlement is restored when a previous VA loan is paid off, and in many cases you can carry two VA loans at once with remaining entitlement. Your loan officer can run the math on your specific situation.
What does the funding fee actually cost?
For a first-use purchase with no money down, 2.15% of the loan amount. It drops to 1.5% with 5% down and 1.25% with 10% down, and subsequent uses with no money down are 3.3%. The fee is usually financed, and it is waived entirely for veterans receiving disability compensation, Purple Heart recipients on active duty, and eligible surviving spouses.
Do I need a down payment at all?
Not with full entitlement. You can choose to put money down to lower your payment or reduce the funding fee, but it is never required.
Is a VA loan harder for sellers to accept?
That reputation is out of date. VA appraisals are ordered promptly, most homes pass the minimum property requirements without issue, and a Patriot pre-approval carries the same weight as any other. We talk to listing agents directly when it helps.
Can a VA loan be assumed?
Yes, by a qualified buyer, veteran or not. In a rising-rate market that can make your home materially easier to sell.
Is Patriot part of the VA?
No. Patriot Home Mortgage is a private VA-approved lender. The Department of Veterans Affairs guarantees a portion of the loan; we originate, fund, and service it.
Talk to a VA loan officer in your state.
Licensed by name, in the state you are buying in. No call center, no hand-offs.
Patriot Home Mortgage is a private company and is not affiliated with, endorsed by, or acting on behalf of the U.S. Department of Veterans Affairs or any government agency. Eligibility, funding fee, and program terms are set by the VA and subject to change. Belem Servicing LLC d/b/a Patriot Home Mortgage, NMLS #715386. Equal Housing Lender.