VA Loans
Perfect for eligible Veterans, active-duty service members, and qualifying surviving spouses!
Guaranteed by the U.S. Department of Veterans Affairs, VA loans offer exceptional benefits, including the possibility of no down payment and no private mortgage insurance (PMI).
Why Choose a VA Loan?
Purchase a home with potentially zero down payment if you have full entitlement and the loan amount meets appraisal value, removing a major barrier to homeownership.
Avoid monthly Private Mortgage Insurance (PMI) costs, even with no down payment, leading to significant long-term savings compared to other loan types.
Key Features:
Zero Down Payment: Often requires no down payment.
No PMI: No monthly mortgage insurance premiums.
Competitive Rates: Often feature lower interest rates.
VA Funding Fee: One-time fee applies (exemptions available for some).
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Unlock your VA home loan benefits today!
VA Home Loan Frequently Asked Questions
Common questions Peak Capital Mortgage LLC answers for veterans and active-duty service members considering a VA home loan.
What is a VA home loan and who is eligible?
A VA home loan is a mortgage benefit provided by the U.S. Department of Veterans Affairs for eligible veterans, active-duty service members, and surviving spouses. Eligibility is based on service history — generally 90 consecutive days of active service during wartime, 181 days during peacetime, or 6 years in the National Guard or Reserves. VA loans offer competitive rates, no down payment requirements, and no private mortgage insurance, making them one of the most valuable benefits available to those who have served.
Do VA home loans require a down payment?
No — eligible VA borrowers can finance 100% of the home's purchase price with no down payment required. This is one of the most significant advantages of the VA loan program and one of the only true zero-down purchase options available to homebuyers today. While no down payment is required, borrowers can choose to put money down to reduce their monthly payment or VA funding fee if they wish.
Do VA home loans have PMI?
No — VA home loans do not require private mortgage insurance (PMI). This is one of the most valuable financial advantages of the VA loan program. Conventional loans typically require PMI when the down payment is less than 20%, which can add hundreds of dollars to your monthly payment. Because the VA guarantees a portion of the loan, lenders do not require PMI regardless of how much you put down. Instead of PMI, VA loans have a one-time VA funding fee, which can be rolled into the loan amount and is waived entirely for veterans with a service-connected disability rating.
What is the VA funding fee and how much is it?
The VA funding fee is a one-time fee paid to the Department of Veterans Affairs that helps sustain the VA loan program for future generations of veterans. For first-time use with no down payment, the fee is 2.15% of the loan amount for most borrowers. It decreases with subsequent use or with a down payment of 5% or more. Importantly, veterans with a service-connected disability rating of 10% or higher are exempt from the funding fee entirely. The fee can be rolled into the loan so you don't need cash at closing to cover it.
Can I use my VA loan benefit more than once?
Yes. The VA loan benefit can be used multiple times throughout your lifetime. Once you pay off a VA loan or sell the home, your full entitlement is typically restored and you can use the benefit again. It is also possible to have more than one VA loan at a time in certain circumstances, such as relocating for military orders. Peak Capital Mortgage LLC can review your Certificate of Eligibility and current entitlement status to determine exactly how your benefit applies to your situation.
What is a VA IRRRL and when does it make sense?
An Interest Rate Reduction Refinance Loan (IRRRL), sometimes called a VA streamline refinance, allows existing VA loan holders to refinance into a lower interest rate with minimal documentation and no appraisal in most cases. It is one of the fastest and simplest refinance options available. An IRRRL makes sense when current VA rates are meaningfully lower than your existing rate and you plan to stay in the home long enough to recoup the closing costs through monthly savings. Peak Capital Mortgage LLC monitors rate trends and can alert you when an IRRRL makes financial sense for your situation.
Does Peak Capital Mortgage LLC offer VA loans in all 13 states?
Yes. Peak Capital Mortgage LLC originates VA home loans across all 13 states we are licensed in: Alabama, Arizona, Colorado, Florida, Idaho, Kansas, Louisiana, Mississippi, Montana, New Mexico, South Dakota, Texas, and Wyoming. Our team includes VA loan specialists who understand the unique needs of veterans and active-duty service members. Call us at (970) 577-9200 to get started with your VA loan today.
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About Us
Our success has been built on competitive rates designed to meet your unique financing goals while delivering exceptional customer service. At Peak Capital Mortgage LLC, we pride ourselves on treating every client with honesty and integrity.
Company NMLS: 2347925
Licensed in: AL, AZ, CO, FL, ID, KS, LA, MS, MT, NM, SD, TX and WY
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