Honoring Service
with Homeownership
A VA loan is a government-backed mortgage option available to Veterans, service members and surviving spouses. VA loans offer competitive interest rates and terms and can be used to purchase a single family, condominium, multi-unit property, manufactured house or new construction.
Government-Backed Mortgage for Veterans
A VA loan is a government-backed mortgage option available to Veterans, service members and surviving spouses. VA loans offer competitive interest rates and terms and can be used to purchase a single family, condominium, multi-unit property, manufactured house or new construction.
VA Loan Advantages
VA Loan Eligibility
Who Qualifies for a VA Loan?
Veterans and service members must meet basic time-in-service and character of service requirements to be eligible for a VA home loan. Some surviving spouses also have VA loan eligibility.
Active duty service members, Veterans and those serving in the National Guard and Reserves can all be eligible, along with select other groups.
Generally, you can be eligible for a VA loan if you served:
- 90 consecutive days on active duty (wartime)
- 181 consecutive days on active duty (peacetime)
- 6 years in the Guard or Reserve, or 90 days under Title 32 orders (at least 30 of those days must be served consecutively)
Certificate of Eligibility (COE)
BluEleven can help obtain your Certificate of Eligibility (COE), a formal document issued by the VA that confirms you meet the guidelines. Veterans don't need to get this document before starting the home loan process.
Veterans need to meet both VA and lender guidelines related to things like credit score, debt-to-income ratio and more.
Types of Veteran Affairs (VA) Loans
VA Purchase Loan
Veterans and service members can use the VA loan to purchase new or existing homes with $0 down payment.
- $0 down payment
- Buy single-family homes, condominiums, manufactured homes
- Multiunit properties (like a duplex) and new construction
VA IRRRL (Streamline)
The VA Interest Rate Reduction Refinance Loan (IRRRL) is one of the VA loan program's two refinance options and the one most Veteran homeowners choose.
- Simple, low-cost refinance loans
- May not require credit underwriting, income verification or an appraisal
- Only for Veterans who currently have a VA loan
VA Cash-Out Refinance
The VA Cash-Out refinance allows qualified homeowners to refinance their mortgage and take out cash from their home's equity.
- Open to Veterans with and without current VA loans
- Refinance up to 90 percent of home's value
- Veterans with non-VA mortgages can use as rate-and-term refinance
Important VA Loan Details
VA Loan Limits
VA loan limits vary by county. For 2024, in most areas, Veterans with full entitlement can borrow up to the conforming loan limit with $0 down. Contact us for specific limits in your area.
VA Funding Fee
The VA funding fee is a one-time fee paid to the VA to help sustain the loan program. The amount varies based on down payment, service type, and whether it is a first-time or subsequent use. Some Veterans may be exempt (those with service-connected disabilities).
Using VA Benefits Again
Yes, you can use your VA benefits multiple times. Once your original VA loan is paid off, your entitlement is restored. You may also have remaining entitlement that can be used for another purchase without selling your current home.
VA Guaranty Explained
Although the VA loan is a federal program, the government generally does not make direct loans to Veterans. Instead, private lenders including BluEleven Mortgage finance the loan while the Department of Veterans Affairs offers a guaranty. This guaranty protects the lender against total loss should the buyer default.
What Our Borrowers Say
"Mike performed a miracle, really he came through on a loan for a buyer for my house when others failed. My house was for sale for almost a year with no offers and finally when I received an offer Mike made it happen all within ten days, when the other lender kept delaying it. Selling a home is so stressful, Mike kept me informed every step of the process, he said the loan would go through and it did! I am so grateful to him for making it happen, now I can have my new home and new beginning. Mahalo Mike and God bless"
"I recently obtained a mortgage with BluEleven and I needed a lender that could work with unique situations for the self-employed. Mike and his team completed my mortgage in record time and offered a very competitive product. I highly recommend Mike and his team as not only did they deliver quickly, they were excellent in their communication, knowledge and friendly. 5 star service."
"Isahi and the team with BluEleven were excellent to work with. Great rates. Patient and answered all my questions. My real estate agent also praised them. We were able to close on a tight deadline. I would not hesitate to suggest BluEleven to others."
"Isahi and the whole team at BluEleven Mortgage are amazing! We have used them twice now, once for a purchase and again for a refi. I let Isahi know what I would like to do and she quickly lets me know what my best options are. She is knowledgeable, a great communicator and works quickly to get things done (all of my favorite qualities). I will absolutely use them again in the future."
"Mike & Isahi did a great job getting my loan done very quickly without any issues. Great job with organization and execution! I would recommend them highly!"
"My partner and I just bought a place in LA and had the best experience with BlueEleven. Day or night, Isahi was always available and very attentive during the whole process. Overall had a smooth experience and would highly recommend working with her!"
Frequently Asked Questions About VA Loans
Although the VA loan is a federal program, the government generally does not make direct loans to Veterans. Instead, private lenders including BluEleven Mortgage finance the loan while the Department of Veterans Affairs offers a guaranty. This guaranty protects the lender against total loss should the buyer default.
VA loan limits vary by county. For 2024, in most areas, Veterans with full entitlement can borrow up to the conforming loan limit with $0 down. Veterans with remaining entitlement may have different limits. Contact us for specific limits in your area.
The VA funding fee is a one-time fee paid to the VA to help sustain the loan program. The amount varies based on down payment, service type, and whether it is a first-time or subsequent use. Some Veterans may be exempt from the funding fee if they have a service-connected disability.
Yes, you can use your VA benefits multiple times. Once your original VA loan is paid off, your entitlement is restored. You may also have remaining entitlement that can be used for another purchase without selling your current home.