VA Loan

VA loans through the U.S. Department of Veterans Affairs are available to qualified veterans and military members. The VA does not make loans, but insures loans made available to veterans. The VA guarantees loans made by us to give veterans better rates and terms.

The VA Loan Guaranty Program was put in place in 1944 to help veterans returning from war afford a home. Over 18 million veterans have since used the program. Along with offering loans to buy a home, a VA loan can be used to refinance a VA loan or take cash out of a home.

VA Loans

Eligible borrowers for a VA loan include:

  • Active duty military personnel
  • Veterans
  • National Guard and Reservists who have served for a minimum of six years
  • Spouses of military members killed in the line of duty, as well as those rated totally disabled or eligible for compensation prior to death

To get a VA loan, MIG will first get a Certificate of Eligibility from the Department of Veterans Affairs for the borrower. This certificate will verify if the veteran has a VA entitlement and can participate in the program. A VA-approved lender can help a borrower obtain the form, or the veteran can request it online.

VA Mortgage Program

Advantages of a VA Loan

VA loans are very popular because they do not require a down payment (up to conforming loan limit) and underwriting standards offer more flexibility when qualifying a veteran, compared with conventional mortgages. About 80 percent of VA borrowers could not qualify for a conventional home loan.

  • Low, competitive interest rates
  • No down payment necessary, up to the conforming loan limit
  • No private mortgage insurance (PMI), regardless of down payment size
  • More flexible credit, income and debt requirements
  • Available to eligible borrowers with a prior bankruptcy or foreclosure
  • No prepayment penalties
  • Seller can pay up to 4 percent toward closing costs
  • Streamlined refinancing available
  • VA funding fee can be financed *Surviving spouses who get a VA loan do not need to pay the funding fee *Disabled veterans may be exempt from paying the VA Funding Fee
  • Loan is assumable
  • Credit Score of at least 640
Department of Veterans Affairs

Funding Fee Tables

Purchase Loans

Note: In 2011, funding fees were lower from October 1 through October 5, and November 18 through November 21. The enactment of Public Law 112-56, signed November 21, 2011, establishes rates at the levels below.

Effective for all loans closing on or after January 1, 2020.
Type of Veteran Down payment Percentage for First time Use Percentage for Subsequent Use
Regular Military None
5% or more
10% or more
3.60% *
Reserves/National Guard None
5% or more
10% or more
3.60% *

Cash-Out Refinancing Loans:

Note: There are no reduced funding fees for regular refinances based on equity. Reduced fees only apply to purchase loans where a down payment of at least 5 percent is made.

Type of Veteran Percentage for First Time Use Percentage for Subsequent Use
Regular Military 2.30% 3.60% *
Reserves/National Guard 2.30% 3.60% *

*The higher subsequent use fee does not apply to these types of loans if the Veteran's only prior use of entitlement was for a manufactured home loan.

Type of Loan Percentage for Either Type of Veteran
Whether First Time or Subsequent Use
IRRRLs .50%

Information provided by VA website.

Contact Us Today


3 Ways to Contact Us

2 Ways to Contact Us

Mortgage Investors Group, based in Tennessee, offers residential financing in a number of states in the southeast, See MIG Service Areas. Terms and conditions to apply to home financing. We want to share with you the loan terms vary based on several characteristics and your financial profile. These include but are not limited to loan program, loan purpose, occupancy, credit history, credit score, assets, and other criteria per loan type. The repayment terms and interest rate may vary from time to time. The terms represented here are based on certain assumptions outlined below and/or noted on the loan outline page. Additional details concerning privacy, program disclosures, licensing specifics may be found at Legal Information.

MIG Loan Officers will help gather the information needed for an individual assessment to provide home financing which matches the loan characteristics with your home financing needs based on your financial profile, when you are ready to begin a full loan application. For estimates and general information before that step, the basis for which the mortgage financing information are as follows:
  • Rates are subject to change at any time.
  • Rate locks are available at current terms for 30 to 180 days based on program type, credit profile, property location, etc. which will affect the available rate and term.
  • Payments will vary based on program selection, current rates, property location, etc.
  • Not all programs are available in all states.
  • Some loan programs may not be available to first time home buyers.
  • Terms and conditions apply, which may include restrictions or limits per loan program.
  • Information is generally based on primary residence occupancy with no cash out when refinancing.
  • Unless otherwise stated, terms shown are estimates based in part on credit score of 700 or higher; owner occupancy, escrow account is established for taxes and insurance(s); debt-to-income ratio no higher than 43.0%; PMI applies to conventional loan programs over 80.0% LTV; VA,FHA & RD require insuring fees included in loan and/or payment; fixed rate, 30 year term.

An MIG Loan Officer is available to help with your financial details to determine which characteristics apply to your situation for a personalized look into which loan program best fits your home financing needs. Please use the Find a Loan Officer link or reach out to Mortgage Investors Group at 800-489-8910. Equal Housing Lender 1.2020