VA Loans
We’re helping make homeownership a reality for those who have served.
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VA Home Loan Benefits
Get Into a Home of Your Own Sooner
With no down payment required on many VA loans, you don’t need to save up before buying.
Competitive Interest Rates
VA loan may provide competitive rates and flexible terms for eligible homebuyers.
More Forgiving Credit Guidelines
VA guidelines are designed to help eligible borrowers achieve homeownership, even if your credit isn't perfect.
We’ll Cover the Appraisal Costs
At TVFCU, we cover the entire cost of your home appraisal fee, helping you save over $600.
Get Into a Home of Your Own Sooner
With no down payment required on many VA loans, you don’t need to save up before buying.
Competitive Interest Rates
VA loan may provide competitive rates and flexible terms for eligible homebuyers.
More Forgiving Credit Guidelines
VA guidelines are designed to help eligible borrowers achieve homeownership, even if your credit isn't perfect.
We’ll Cover the Appraisal Costs
At TVFCU, we cover the entire cost of your home appraisal fee, helping you save over $600.
We’ll Cover Your Appraisal Costs
We’re making homeownership easier for all of us! We’ll cover your entire home appraisal fee, saving you over $600. This offer is applicable under the following conditions:
- Purchase transaction resulting in new money to TVFCU in the amount of $25,000 or greater.
- Refinance of a mortgage with another institution, resulting in new money to TVFCU in the amount of $25,000 or greater.
- Refinance of an existing TVFCU mortgage, resulting in new money to TVFCU in the amount of $25,000 or greater.
- Offer valid as of January 1, 2026, subject to change. Exclusions apply. Offer valid on portfolio loans only.
Why Apply for a VA Home Loan?
Tennessee Valley Federal Credit Union's VA Loans make it easier for veterans, active-duty service members, National Guard members, Reservists, and certain surviving spouses to own a home. Loans are backed by the Department of Veterans Affairs, allowing lenders like TVFCU to offer home financing with generous rates, more flexible credit guidelines, and, in many cases, no down payment.
Here’s what you should know about VA Loans:
- Down payments: Many qualified borrowers can purchase a home without making a down payment, helping reduce upfront costs.
- Private Mortgage Insurance (PMI): Unlike many conventional loans, VA loans do not require monthly PMI payments, helping to lower monthly mortgage costs.
- Easier credit guidelines: VA loans offer more flexible qualification rules than conventional mortgages, making homeownership more accessible for eligible borrowers.
- Residency requirements: VA loans are designed for homes you intend to occupy as your primary residence.
- Fixed-rate loan options: Choose from predictable fixed-rate mortgage terms, including 15- and 30-year options that provide stable monthly payments over the life of the loan.
VA Home Loan vs. Conventional Mortgage Loan
Not sure how a VA loan compares to a conventional mortgage? See how VA loans and conventional mortgages stack up in rates, down payment requirements, and overall flexibility.
| VA Loans | Conventional Loans | |
|---|---|---|
| Down Payment | Often requires no down payment for eligible borrowers | Typically requires a down payment, though some programs allow lower amounts |
| Mortgage Insurance | No private mortgage insurance (PMI) required | PMI is usually required when putting less than 20% down |
| Interest Rates | Often offers lower interest rates than conventional loans | Rates vary based on credit score, down payment, and market conditions |
| Eligibility | Available only to eligible veterans, active-duty service members, and certain surviving spouses | Available to qualified borrowers without military service requirements |
| Credit Flexibility | May offer more flexible credit guidelines | Often requires stronger credit qualifications |
| VA Funding Fee | May require a one-time VA funding fee | No VA funding fee required |
| Property Requirements | Home must meet VA appraisal and occupancy standards | Property standards are generally less restrictive |
| VA Loans | Often requires no down payment for eligible borrowers |
|---|---|
| Conventional Loans | Typically requires a down payment, though some programs allow lower amounts |
| VA Loans | No private mortgage insurance (PMI) required |
|---|---|
| Conventional Loans | PMI is usually required when putting less than 20% down |
| VA Loans | Often offers lower interest rates than conventional loans |
|---|---|
| Conventional Loans | Rates vary based on credit score, down payment, and market conditions |
| VA Loans | Available only to eligible veterans, active-duty service members, and certain surviving spouses |
|---|---|
| Conventional Loans | Available to qualified borrowers without military service requirements |
| VA Loans | May offer more flexible credit guidelines |
|---|---|
| Conventional Loans | Often requires stronger credit qualifications |
| VA Loans | May require a one-time VA funding fee |
|---|---|
| Conventional Loans | No VA funding fee required |
| VA Loans | Home must meet VA appraisal and occupancy standards |
|---|---|
| Conventional Loans | Property standards are generally less restrictive |
VA Home Loan Rates
Complete our form to access the latest VA loan rates offered by TVFCU. Use the rate calculator to run the numbers on various financing scenarios, including different purchase prices and down payments, to determine the best type of mortgage for you.
Apply NowHow to Apply for a VA Home Loan
Applying for a VA loan is straightforward. Just follow these steps!
- Step 1 - Get Pre-Qualified
Complete our convenient online application. Once pre-qualified, you’ll be able to shop for your new home with confidence. - Step 2 - Step 2: Choose Your Property
Select a property, then provide the necessary documents and sign disclosures so we can order a VA appraisal for your new home. - Step 3 - Close Your Loan
Once approved you can sign closing documents and get the keys to your new home!
VA Home Loan FAQs
A VA loan is a mortgage offered by banks, credit unions, and private lenders and backed by the U.S. Department of Veterans Affairs (VA). VA loans help eligible veterans, active-duty service members, and some surviving spouses become homeowners and offer benefits including no down payment requirement, competitive interest rates, more flexible credit approval guidelines, and no private mortgage insurance (PMI).
To qualify for a VA home loan program, borrowers must obtain a Certificate of Eligibility (COE) from the VA. TVFCU will also review your income, credit history, and debt-to-income ratio to ensure you can comfortably manage your military mortgage. The financed property must be a primary residence and must meet VA home loan inspection requirements.
VA loans do not require a traditional home inspection, but they do require a VA appraisal. During the appraisal, the property must meet the VA’s Minimum Property Requirements (MPRs), which help ensure the home is safe, structurally sound, and move-in ready.
Some of the items reviewed may include:
- Safe electrical, heating, and plumbing systems
- A roof in good condition
- Proper water and sewage systems
- No major structural or safety concerns
- Safe access to the property
- Functional windows, doors, and stairs
While a home inspection is not required, it is still recommended because it can help identify potential issues with the property before closing.
There is no minimum or maximum income required to qualify for a Department of Veterans Affairs Mortgage. As long as you can show a stable, reliable income that supports your mortgage payment and other financial obligations, you may qualify.
You may be disqualified from a VA loan if you do not meet VA eligibility requirements, cannot verify stable income, have excessive debt compared to your income, or have credit issues that prevent lender approval. The property must also meet VA appraisal and occupancy requirements.
Many eligible borrowers can purchase a home with no down payment using a VA loan. However, some borrowers may choose to make a down payment to reduce their monthly payment or loan amount.
VA loans do not require private mortgage insurance because the loan is backed by the Department of Veterans Affairs. This VA guarantee helps protect lenders and allows qualified borrowers to purchase a home with little or no down payment while keeping monthly payments lower.
Some borrowers may pay a one-time VA funding fee, which helps support the VA loan program. In many cases, this fee can be financed into the loan amount, and some eligible veterans may qualify for a funding fee waiver.
Yes, at TVFCU, you can apply for your VA mortgage using our secure online application. In this online application, you’ll be able to submit basic financial information, upload documents, and start loan processing from anywhere. Final approval will still require further verification.
Yes. A Certificate of Eligibility (COE) confirms to your lender that you meet the military service requirements for a VA loan.
Yes, eligible borrowers may be able to use a VA loan several times. In some cases, you can restore your VA loan entitlement, allowing you to use your benefits again for a future primary residence.
VA loans are designed for primary residences and generally cannot be used to purchase vacation homes or investment properties. However, eligible borrowers may be able to use a second VA loan to purchase another primary residence while keeping their current VA-financed home, depending on available entitlement and occupancy requirements.
Calculate Your Rate and Monthly Payment
Embarking on a homeownership journey is a major milestone, and choosing the right mortgage is crucial. These calculators can quickly help you determine the loan type and amount that’s right for you.
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