VA Loans
2.5% Average Approved Rate

Based on a 500 or better credit score

VA Loans: Purchase And Refinance Loan Requirements For 2022

This no-down-payment loan option was created especially for qualified veterans, service members and their spouses.

General VA Loan Overview

Who Are VA Loans Best For?

VA loans are a more affordable option for qualified veterans, service members and their spouses.

How Do VA Loans Work?

VA loans are backed, or guaranteed, by the Department of Veterans Affairs. There are different loan types with fixed or adjustable interest rates, and a range of loan terms.

What Are The Qualifications For A VA Loan?

To qualify for a VA loan, you’ll need:

  • To meet the following criteria:
    • Served at least 181 days of active service during peacetime OR 90 consecutive days during wartime.
    • Served 6+ years with the National Guard or Reserves OR 90 days under Title 32 (at least 30 of those 90 days must be consecutive).
  • A Certificate of Eligibility
    • The VA will issue you a Certificate of Eligibility if you meet their guidelines for type and length of service.
    • If you don’t have one already, we can apply for your Certificate of Eligibility for you.
  • A minimum FICO® Score of 620.
  • A debt-to-income ratio (DTI) of no more than 60%. Estimate your DTI by adding your monthly debt payments (such as credit card and car payments) and dividing the total by your monthly income before taxes.
  • Money to cover the funding fee charged by the VA. This may be rolled into your loan. You may not have to pay this fee if one of these criteria applies to you:
    • You have a service-connected disability.
    • You receive VA disability or have in the past.
    • You’re a surviving spouse who qualifies.
    • You are a service member on active duty who has received a Purple Heart.

VA Property Requirements

  • You or a spouse must move into the home within 60 days. There are exceptions to this, including deployment.

  • It must be your primary residence, not a vacation home or income property.

Take the first step toward the right Downtone Loans

VA Mortgage Rates

VA 30 Year Fixed 3.625% 4.079%
VA 25 Year Fixed 3.625% 4.151%
VA 15 Year Fixed 3.125% 3.947%


You may not need a down payment.

You can qualify with a lower credit score and more debt compared to conventional loans.

You may be able to avoid mortgage insurance with a down payment of 20% or higher.

You can use your VA loan benefit more than once – if you sell your home or pay off your mortgage, you can get another VA loan.


If you currently have a VA loan, you can refinance up to 100% of your home’s value to get cash out.

If you currently have a VA loan and don’t need cash out, you may be able to refinance up to 120% of your home’s value.


Apply online and work at whatever pace is convenient for you.

Home Loan Experts are available via chat, email and phone to help you understand whether an ARM is right for you.

We service 99% of our mortgages, so our great customer service continues after you close.

After you close your loan, you can manage your mortgage online without any hidden fees.

No prepayment penalties if you pay off your loan early.


Downtone Loans has been providing our clients with award-winning service for over 60+ Years. We service 99% of our loans, which means you’ll get the same care and attention throughout the entire life of your loan.