Imagine buying your next new home with no down payment and having your closing costs paid for you!

The day you close on your next new home it could be very possible that you are getting a check back at the closing table!


If you are an eligible veteran and are wanting to purchase a new home then you have the best possible mortgage program matter what!  There is no other mortgage program like the VA Mortgage Program.

VA guaranteed loans are made by lenders, like myself, and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if you fail to repay the loan. In most cases, no down payment is required on a VA guaranteed loan and the borrower usually receives a lower interest rate than is ordinarily available with other loans.

The #1 Benefit of a VA Mortgage: Over the past 2 years I have had my VA Borrowers come to the closing table needing only $113.27 to close! This includes everything, down payment, closing costs, inspections, and pre-paid items. Many of my VA borrowers actually received back at closing all or a portion of their earnest money deposit!

Want to learn more about having your closing costs paid for you, CLICK HERE. No down payment and your closing costs paid for you.

The VA loan program provides the most attractive and flexible mortgages available, these home loans are exclusively for military personnel, veterans and their families. The two biggest benefits that make this loan more affordable than a typical loan are that the borrower typically does not need to make a down payment, and there is no private mortgage insurance (PMI) requirement.

Here’s a look at the complete list of benefits, as taken directly from the Veterans Affairs site:

  • No down payment required (unless required by the lender or the purchase price is more than the reasonable value of the property).
  • Negotiable and competitive interest rate.
  • Ability to finance the VA funding fee
  • VA rules limit the amount you can be charged for closing costs. Closing costs are generally lower than a normal mortgage
  • Closing costs may be paid by the seller. (up to 4% of the sales price)
  • No private mortgage insurance premiums are required. Although mortgage insurance is not required, the VA charges a funding fee to issue a guarantee to a lender against borrower default on a mortgage. The fee may be paid in cash by the buyer or seller, or it may be financed in the loan amount.
  • All VA mortgages are assumable mortgage.
  • Right to prepay your mortgage without penalty.
  • For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder.
  • VA assistance to veteran borrowers in default due to temporary financial difficulty.

Am I Eligible for A VA Loan?

In general, a veteran is eligible if he or she meets any one of these requirements:

·       Served 181 days during peacetime (Active Duty)

·       Served 90 days during wartime (Active Duty)

·      Served 6 years in the Reserves or National Guard         

      You are the spouse of a service member who was killed in the line of duty

To see more detailed eligibility follow this link: VA ELIGIBILITY

How Big of a VA Loan Can Veterans & Military Personnel Get?

According to the VA there is “no maximum that an eligible veteran may borrow using a VA-guaranteed loan.” However, there are county limits that must be used to calculate the VA’s maximum guaranty amount for a particular county. In other words, there’s no limit to how much you can spend on your new home with a VA loan, but the VA has limits on how much liability it will assume, which can affect the amount of money your lender will let you borrow.

Generally, eligible veterans or military personnel can get loans up to $424,100 with no money down. But that number can be much higher in certain counties that have a higher cost of living, contact me if you are considering a VA "Jumbo" mortgage.

FAQ: VA Mortgage Frequently Asked Questions

How do I prove military service to get a VA loan?

To get a VA loan, you need a Certificate of Eligibility (COE).  Also a copy of your DD214

What is a Certificate of Eligibility (COE) and how do I get it?

The type of COE you need depends on your type of service: veteran, active duty service member, current or former National Guard, etc. To obtain your COE yourself apply through the regional VA benefits office.

Can my lender get my COE for me?

Yes, your lender can obtain your COE for you. The VA requires all VA-approved lenders to include a COE in their loan underwriting process, so the fastest way to get your COE is through a VA lender. I do this all the type for all VA borrowers.

Can I use a co-signer? 

Co-signers — also called co-borrowers because they’re equally liable for the loan — are allowed but only if the co-borrower is a  spouse or another veteran.

Does my credit score affect my ability to be approved? 

Yes, credit scores can affect your VA loan rate and your ability to qualify. Every lender will vary in terms of the credit score they require, but generally a score of 600 is best but I have received approvals with a 580 credit score. 

Can I get a VA loan if I’ve had a bankruptcy?

The VA allows certain borrowers who meet post-bankruptcy guidelines to get a loan two years after a bankruptcy. There are certain circumstances where borrowers might not have to wait a full two years. Contact me for details based on your specific profile.

Can I get a VA loan if I’ve had one before? 

Yes, a VA loan isn’t a one-time benefit, so you can get a VA loan even if you’ve had one for a previous home in the past. But you can only use a VA loan to buy a primary residence, so you can’t use VA loans to acquire multiple properties.

What is the VA Funding Fee, and how do I calculate it? 

The VA Funding Fee is a percentage of the loan amount that the VA assesses every borrower to fund the VA home loan program. Funding fees break down like this: 

  • 0-percent down payment: VA funding fee of 2.15 percent for regular military personnel (and 2.4 percent for Reserve and National Guard personnel)
  • 5-10-percent down payment: VA funding fee of 1.5 percent for regular military personnel (and 1.75 percent for Reserve and National Guard personnel)
  • 10-percent or more down payment: VA funding fee of 1.25 percent for regular military personnel (and 1.5 percent for Reserve and National Guard personnel)

Can I finance my VA funding fee?

Yes, the VA funding fee can be financed into your loan. The seller of your home can pay for the Funding Fee or the Lender can provide a credit for the Funding Fee, but only in entirety. 

 Last year my average VA borrower came to the closing table needing less than $100 to complete the purchase of their new home. Many of my VA borrowers received a portion or all of the earnest money deposit back at the closing! I would welcome the opportunity to do the same for you! 




Bob Rutledge Mortgage

Loan Officer NMLS#: 297044

New American Funding 12321 Olive Blvd, ste 150
St. Louis, MO 63141