VA Loan

To Help You Understand VA Loan Options

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The VA Loan is a home loan available to for active-duty military personnel and veterans, as well as their families. It was created in 1944 to make it easier for soldiers returning from WWII to purchase a home, and has expanded in subsequent years to encompass almost all service members at every level. VA loans are similar to FHA loans, but with a much narrower scope: By focusing on service members, they are able to offer unique benefits for mortgages. This includes the ability to buy a home with no down payment, refinance a home, find a lower interest rate, get a property tax reduction, and much more. Like FHA loans, these mortgages are available through a number of different lender options, so you don't have to worry about availability. Eligibility extends to reservists, surviving spouses, and National Guard members as well.

Much like SBA loans for your small business or FHA loans for buying a home, most VA loans are issues by approved lenders rather than by the Department of Veterans Affairs directly. There are exceptions to this – in some cases the VA will act as your mortgage lender – but they’re atypical and not what most people have in mind when mortgage loan shopping for a VA Loan. VA Loans carry excellent terms, but do require their own special fees up front, which vary based on your specific circumstances.

Within the VA Loan program are several specialty loans above and beyond a traditional adjustable interest rate home loan or bad credit mortgage loans. The Native American Direct Loan (NADL) is specifically for Native American veterans or veterans married to a Native American. It’s a “direct loan” program which allows the borrower to purchase or improve a home on federal trust land. The Interest Rate Reduction Refinance Loan (IRRRL) is for individuals who already have a VA-backed home loan and allows them to refinance within the program to reduce their interest or stabilize their monthly payments. The Cash-Out Refinance Loan allows VA-Loan participants to refinance while taking out a cash loan secured by their existing house equity. Repayment is rolled into the new mortgage at the same lower interest rate.

Eligibility Requirements

VA Loans can only be used for your primary residence. They are not available for vacation homes or investment properties. The only exception in some cases would be a duplex or other multi-unit dwelling in which the borrower resides full-time but leases out other portions as well.

Borrowers are required to obtain a Certificate of Eligibility (COE), which is exactly what it sounds like. This proves to the approved lender that you’re qualified to utilize the program. Most of the time, approved lenders can pull this up electronically while you wait, but in some cases you may have to request an official copy online through the Department of Veterans Affairs website at Obtaining your COE may require even more paperwork related to your service, your discharge (if applicable), your reserve duty, etc.

VA Loans are a great program, but they’re still managed by the Federal Government and require navigating the levels of bureaucracy you’d expect as such. Once you’ve managed that, interest rates tend to be quite competitive and the overall terms rather generous. There are fees and hoops to jump through, however, so be prepared for extra paperwork and sometimes extensive delays compared to other home financing options.

The Department of Veterans Affairs

The VA website ( offers extensive detail about their VA Loan program and numerous other issues related to veterans and housing. In addition to explaining the home purchasing process, they address questions like:

How do I get help if I’m homeless or at risk of becoming homeless?

How do I apply for a Certificate of Eligibility (COE)?

How can surviving spouses take advantage of the VA Loan program?

What if I’m having trouble making my payments on a VA-backed mortgage?

What fees will I need to pay if I’m using a VA-backed mortgage?

There’s also information on...

“Acquired Properties” – Homes which have essentially been taken over by the VA for lack of payment and are now available for purchase.

Natural Disasters – What to do if your VA-loan home has been impacted by a natural disaster or you wish to utilize a VA-backed loan to repair a home so impacted.

Housing Assistance Grants – For veterans with a service-related disability.

The site requires some patience to navigate, but it’s loaded with relevant information, including how to contact the VA with specific questions about issues beyond applying for VA-backed home loan.

Loanry® is here to help you get your VA Loans


Why Loanry?

Many homebuyers don’t even realize they have options when it’s time to finance a home. They have no idea where to shop for a mortgage, or that this was even a thing people can do. Thanks to Loanry and the convenience of the modern internet, you can shop mortgage lenders, read up on mortgage tips, or use online tools to compare different interest rates, down payments, and mortgage lengths before you even apply for a loan or other form of financing. Unlike traditional lending institutions, Loanry is “open” around the clock, on holidays and in any weather.

Maybe you’re worried you won’t be able to qualify for a VA mortgage or any other kind of home loan due to bad credit or a rocky credit history. While your credit score certainly matters, there are online lenders who specialize in loans to help build or rebuild your credit – and who even offer bad credit mortgage loans in some circumstances. If you can document a reliable income and meet a few other basic requirements, who knows what’s possible? The only way to find out is to apply.

Loanry doesn’t issue loans. Our name comes from our amazing database of reputable and creative online lenders who meet our exacting qualifications. You don’t have to comb the web all alone, hoping you can trust this lender over that one or trying to compare terms from websites which may or may not have been updated since the turn of the millennium. Instead, let us do some scouring and compare your needs with each lender’s strengths. We’ll connect you to the lender we think most likely to make a good match, and then it’s up to them to win you over. If you’re not happy, you walk away – no commitment and no cost.

You don’t have to take off work or put on your Sunday best. We don’t have a popcorn machine or comfy lobby, but we do have access to some of the most innovative and competitive lenders in the free world, all of whom want to earn your long-term trust and business. For that, you can probably buy your own popcorn.


Buying a home is a huge commitment, no matter what method you use. Even refinancing to leverage your house equity for renovation or expansion can be a bit daunting. Each method comes with its own pros and cons, but few things are as rewarding as owning your own home – especially on the day you make that final payment and it’s truly 100% yours.

You want to make the best decisions you can when you’re choosing a new (or new-to-you) home. Some we can dismiss immediately, while many others have features we find appealing. None are entirely as perfect as we might have imagined. Somewhere along the way, however, is one that makes more sense than the rest. The trick is knowing when we’ve found it, despite our enthusiasm for X, our concerns about Y, or the challenges of Z.

Choosing the right financing is the same way. Some options can be ruled out immediately, while others require more careful consideration. It’s important not to get “bogged down” in the process. Do your research and weigh your decision, but once you’ve done all you can do, don’t be afraid to move forward. Trust your gut and recognize that whatever you choose, what’s most important is what you do with it.

Your options when buying a home are largely shaped by your credit past. Even with a VA Loan, your official credit score and detailed credit history impact what interest rates or other terms are available to you. Once you’ve secured a loan, however, whether it’s VA-backed or something more conventional, every payment you make (or don’t) shapes your credit future. It takes time to raise your credit score and build a positive credit history, but it doesn’t always take as long as you think. And it starts today, with the decisions you’re making right now.

A stronger credit history and better credit score means more options and lower rates in the future. That mean more disposable income and more opportunity. In short, money may not buy happiness, but credit worthiness matters more than we tend to realize when it comes to acquiring and doing the things that make us happy, with and for the people who matter most to us. It’s doable, for you, whatever your current situation. And we can help.


Buying a home can be one of the most intimidating processes the average person encounters in their financial life. The paperwork, the terminology, the dozens of different people and agencies and organizations which seem to be involved – it can be overwhelming if you’re not at least somewhat prepared.

That’s something we can help with at Loanry, and throughout the Goalry family. Yes, we can help you with your mortgage loan shopping – hooking up customers with reliable online lenders is in many ways foundational to everything else we do. But it doesn’t end there. Our informational blogs, educational finance videos, and online money management tools are available 24/7 from any connected device and never come with hidden costs or covert obligations.

We can’t make the home-buying process go any faster, but we can help you prepare for it. It’s easier to ask the right questions if you already know the difference between a fixed home loan and an ARM mortgage, or understand the importance of “equity,” “amortization,” and “underwriting.” One of our guiding philosophies is that the first step towards taking more effective control of your personal and small business finances is easy access to essential information, in plain simple English. We can’t make it all easy, but it certainly doesn’t have to be as hard as it sometimes seems. And you don’t have to figure it all out alone.


Did You Hear?

“True heroism is remarkably sober, very undramatic. It is not the urge to surpass all others at whatever cost, but the urge to serve others at whatever cost.”

Arthur Ashe (American Athlete)

Educate Yourself

The AV on VA Loans

There are important debates to be had about any number of things related to our care for our veterans in the United States these days. One of the benefits granted to men and women in the armed services which hasn’t faced much controversy, however, is access to VA loans to promote home ownership for veterans and their families. VA loans offer arguably the best terms available from any sort of home loan – and more people qualify than often realize it.

In this short video, we’ll cover the basics of the VA loan and what it offers, as well as highlight the application process and what to expect. Eligibility, documentation, applications – it can be a bit daunting (it’s still the government, after all). Still, for many home buyers, it’s more than worth a little extra paperwork for the many benefits available through VA lending.

Explained in 3 easy steps

How all of
this works?

It all starts with a simple loan request that takes a few minutes to complete.

We provide that information, at your request, to participating members who might be able to able to assist you with your financial needs. Many lenders transfer funds to your checking account as soon as the next business day.


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Funds are deposited directly to your bank account as soon as the next business day.

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Reasons to Consider a VA Loan

You or your spouse is a qualified veteran, and you’re interested in buying, improving, or refinancing a home. Is a VA Loan the way to go for you?

No Down Payment

Saving money for a down payment is always difficult, but it can be especially so for members of the armed services who are underpaid and often on the move. VA Loans let you finance 100% of the home’s value.

No Private Mortgage Insurance

Most mortgages require private mortgage insurance (PMI) whenever you make a down payment of less than 20% or if there are other reasons to suspect the value of the home may at some point dip below the balance owed. Not so with VA Loans.

Competitive Interest Rates

While the Department of Veterans Affairs doesn’t mandate specific interest rates, government backing means lenders are able to offer more favorable rates than for most mortgages.

No Penalty for Early Payment

With many mortgages (and many loans in general), paying off your balance ahead of schedule can result in substantial penalties to offset the loss of interest anticipated by the lender. Lenders are prohibited from doing this with VA loans.

Useful Varieties

VA Loans can be used for a basic home purchase, but can also be applied to condominiums, manufactured homes, building your own home, duplexes, or other structures acting as your primary residence.

Build Your Credit

If you meet the military service requirements, it’s relatively easy to qualify for a VA Loan even with a mediocre credit score. Once approved, however, making regular house payments is a great way to build or rebuild personal credit.

See FAQs

Find answers to some of the most commonly asked questions here

We are a marketing lead generator and advertising service designed to provide you with quick and convenient access to third-party lenders.


We are a marketing lead generator and advertising service designed to provide you with quick and convenient access to third-party lenders.


We are a marketing lead generator and advertising service designed to provide you with quick and convenient access to third-party lenders.


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