VA Loan

A VA loan is a popular program for active military personnel, veterans, and their families. What are the benefits of a VA Loan?

No Required Down Payment

In most cases there’s no required down payment with this program. If the price of the home is over the appraised value or higher than the VA loan limit you’ll need to pay a down payment.

No PMI

Since the government sponsors VA home loans, there’s no Private Mortgage Insurance. As a result qualified buyers will experience lower closing costs and monthly payments.

Covered or Limited Closing Costs

VA loan rules limit how much a borrower pays in closing costs. This means you might end up paying less in closing fees than with other loan options. The program allows sellers to cover part or all of the closing costs.

Steps to a VA Loan

Once you find the right program for you, the process is as simple as 1, 2, 3!

STEP 1

Get Pre-Approved

Our mobile app, Mortgage Express, helps you get pre-approved quickly. It’s secure and you can upload all required documents straight into the app to save you time and energy.
STEP 2

Talk to a Mortgage Consultant

Your mortgage consultant will keep you and your agent updated every step of the way with our Milestone Updates.
STEP 3

Close on Your Loan

Your consultant will assist you with everything you need and help you setup your closing appointment.

Learn More About Our Process

Mortgages In A Snap!

Bailey and Wood is Committed to their Community by not only providing 5 Star Customer Service but also by giving back to the communities they serve!

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The Bailey & Wood Difference

Bailey and Wood makes financing your Dream Home easy! What makes us different? We’re local, have in-house processing, and give back to the communities we service!

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Hometown Hero Program

Bailey & Wood loves supporting our community anyway we can! Which is why we have developed the Hometown Hero Program to assist veterans, first responders, teachers, and more with financing their dream home!

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This process is just amazing! The people at Bailey and Wood are outstanding!

Sebastian S.

VA Frequently Asked Questions

: This program is unique in that, for qualifying borrowers, there is no required down payment. If the price of the home is higher than the local loan limit or the appraised value, you may need to pay a down payment.
: With this loan program neither type of Mortgage Insurance is required. There is a one-time funding fee required. The funding fee depends on the loan balance, your down payment, branch of the military, and if it’s your first VA loan.
: The VA does not currently enforce any credit score minimums, but mortgage lenders do. To learn about credit score minimums, contact a mortgage consultant.
: Closing costs are any expenses that you might have to pay over and above the price of the property. These costs can, but don’t have to include: origination fees, discount points, appraisal fees, title searches, and taxes.
: In general, the most a homebuyer can borrow using this loan program is $417,000. However, there are some circumstances in which a homebuyer can borrow more. If the cost of living is higher in the county the home is in, then the limit of the loan might be higher. To learn more about the limits in your area, contact a mortgage consultant.