Utah VA Loans

The VA loan is a zero down mortgage option available to Veterans, Service Members and select military spouses. VA loans are issued by private lenders, such as a mortgage company or bank, and guaranteed by the U.S. Department of Veterans Affairs (VA).

NEW: No VA home loan limits in 2020

President Donald Trump signed a bill into law that allows the Department of Veterans Affairs to back loans that exceed the conforming loan limit.

The bill, H.R. 299, enables home buyers using a VA loan to borrow above the 2020 limit of $510,400 for most counties, without any down payment.

VA Loan Types

Looking to buy a home? Find out if you’re eligible for a VA-backed purchase loan to get better terms.

Fixed rate VA home loan

• The interest rate is fixed for the life of the loan (whether interest rates go up or down).
• Payments generally stay the same each month.
• No money down unless the purchase price is greater than the assessed value of the home.
• No private mortgage insurance required.
• Closing costs are limited.
• VA guaranty means competitive interest rates.

Adjustable rate VA loan:

• The interest rate is adjusted periodically by adding a margin to an index specified by the mortgage (a 1-year ARM adjusts annually).
• Payments generally fluctuate along with the interest adjustment.
• ARM’s have limits on the amount of interest adjustment that can be made in given periods and across the life of the loan.
• No money down unless the purchase price is greater than the assessed value of the home.
• No private mortgage insurance required.
• Closing costs are limited.
• VA guaranty means competitive interest rates.

Interest Rate Reduction Refinance Loan (IRRRL)

Have an existing VA-backed home loan? Find out if you’re eligible for a VA-backed IRRRL to help reduce your monthly payments or make them more stable.

• Lower the interest rate on your loan without incurring any out-of-pocket fees (can be funded into your new loan).
• You can use your original document of eligibility
• Available only for existing VA Loans.

Cash-out refinance loan

Want to take cash out of your home equity to pay off debt, pay for school, or take care of other needs? Find out if you’re eligible for a VA-backed cash-out refinance loan.