VA Loans

VA Home Loans


VA Loans are backed by the United States Department of Veteran Affairs (VA) and are available to active duty members, Reserves/Guard, unmarried surviving spouses and POW/MIA spouses and veterans. Created in 1944 as part of the GI Bill of Rights, VA Loans were designed for service men and women who served their country during World War II. This government backed program has made the dream of homeownership a reality for over 20 million Americans. Although this mortgage loan is brokered through NOVA ® Home Loans, the loan will be supported and backed by the VA. The biggest benefit to this loan option is that qualifying borrowers may benefit from more affordable and flexible terms with little to no money down.



We start with a Certificate of Eligibility (COE) provided by the United States Department of Veterans Affairs. You can apply for a COE directly through NOVA ® Home Loans, online, or by mail.

  • A VA Loan does not require a down payment

  • A PMI (private mortgage insurance) is not required

  • Closing costs are limited and may be covered by the seller

  • Competitive interest rates

  • Easier credit requirements

  • The ability to prepay your loan without penalty

  • VA assistance in the event of financial hardship


  • VA Cash-Out Refinancing Loan – A cash-out refinancing loan is a VA-guaranteed loan that refinances any type of lien or liens against the secured property. This refinancing option turns home equity into cash by allowing homeowners that are veterans to borrow against their home’s equity to pay off debt, make home improvements or send a child to college. Qualifying liens can be current or delinquent, and from any source, such as tax or judgment liens, or VA, FHA or conventional mortgages.

  • Interest Rate Reduction Refinancing Loan (IRRRL) - An IRRRL is a VA-guaranteed loan made to refinance an existing VA-guaranteed loan, generally at a lower interest rate than the existing VA loan, and with lower principal and interest payments than the existing VA loan. Generally, no appraisal, credit information or underwriting is required on an IRRRL and will reuse the original entitlement and requirements, with the exception of the occupancy requirement.

This is NOT a one-time use benefit. Eligible veterans may reapply for this loan with up to 100% financing on the home value.


To better understand VA Loan requirements, contact a NOVA® Loan Officer. Our experienced team will walk you through every step of the financing process!


For eligibility requirements and other information about veteran benefits, visit: The information contained here is educational only. Other conditions and restrictions may apply. Rates and available programs are subject to change without notice. Contact your loan officer for more information.


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