What is a VA Loan?
A VA loan is a mortgage program backed by the U.S. Department of Veterans Affairs and available to eligible veterans, active-duty service members, and certain surviving spouses. The VA guarantee helps reduce lender risk, which allows these loans to offer borrower-friendly features while following standardized federal guidelines.
VA loans are most commonly used to purchase or refinance a primary residence. They are designed to support long-term homeownership by removing some of the barriers that can make buying or refinancing more difficult for military families.
Unlike conventional loans, VA loans do not require private mortgage insurance and often allow for more flexible qualification standards. Eligibility is based on military service history rather than income alone, though borrowers must still demonstrate the ability to repay the loan.
In Nebraska, VA loans are widely used by veterans purchasing homes in Lincoln, Omaha, and communities across the state. They are a common choice for first-time buyers, relocating service members, and homeowners looking to refinance into VA-backed financing.
Potential Benefits of VA Loans
VA loans offer unique advantages for eligible military borrowers.
No down payment in many cases
Qualified borrowers may be able to purchase a home without making a down payment.
No private mortgage insurance
VA loans do not require PMI, which can help reduce monthly housing costs.
Flexible qualification standards
Credit and income guidelines are designed to account for military service and benefits.
Refinance options available
VA loans may be used to refinance existing VA mortgages under specific programs.
Who Might Consider a VALoan?
VA loans are intended specifically for borrowers with qualifying military service.
- Active duty service members
- Veterans with eligible service history
- Surviving spouses who meet VA requirements
- Military borrowers planning long-term homeownership
Things to Consider
VA loans include program-specific requirements that should be reviewed carefully.
- VA eligibility is required
- Property must be owner-occupied
- VA appraisal standards apply
- A funding fee may apply depending on circumstances
- Eligibility for loan programs depends on your specific financial situation, credit profile, and property details. This information is for educational purposes only and does not constitute a commitment to lend.
Who qualifies for a VA loan
VA loans are available to eligible veterans, active-duty service members, and certain surviving spouses based on service history.
How do VA loans differ from FHA loans
VA loans are limited to military borrowers and do not require mortgage insurance, while FHA loans are open to the public and require insurance.
Are VA loans available in Nebraska
Yes. VA loans are widely used across Nebraska, including Lincoln and Omaha.
What properties qualify for VA loans
VA loans are intended for primary residences and must meet VA appraisal and occupancy requirements. However, second homes or investment properties my qualify for IRRRL.
VA Home Loan Products
VA Loan Programs and Products
We offer access to a variety of VA loan products. Each has different features, eligibility guidelines, and benefits. Learn more to see which might fit your needs.
VA IRRRL
A VA IRRRL, also known as a VA Streamline Refinance, allows eligible homeowners to refinance an existing VA loan with minimal documentation. This option is commonly used by Nebraska veterans to lower their interest rate or adjust their loan terms without an appraisal or income verification in many cases.
VA Cash-out
A VA cash-out refinance allows eligible veterans to replace their current mortgage with a new VA loan and access a portion of their home equity. This option is often used by Nebraska homeowners to consolidate debt, fund home improvements, or refinance a non-VA loan into VA financing.
VA Jumbo
VA jumbo loans are designed for eligible veterans purchasing higher-priced homes that exceed conventional loan limits. In Nebraska, including Lincoln and Omaha, these loans allow qualified borrowers with full VA entitlement to finance larger loan amounts while maintaining VA loan benefits, subject to lender guidelines.
*Eligibility for loan programs depends on your specific financial situation, credit profile, and property details.
This information is for educational purposes only and does not constitute a commitment to lend.