Military & Veterans
Home Loans in New Jersey
Exclusive VA loan benefits for those who served: 0% down payment, no PMI, lower rates, and limited closing costs. Honor your service with homeownership in Bergen County.
Exclusive VA Loan Benefits
Benefits available only to military service members, veterans, and eligible surviving spouses
0% Down Payment
Purchase with no down payment required. Buy a $500,000 home with $0 down—keep your savings for moving costs, furniture, and emergencies.
No PMI (Mortgage Insurance)
Never pay monthly mortgage insurance, regardless of down payment. Save $150-$400/month compared to conventional and FHA loans.
Lower Interest Rates
VA loans typically offer rates 0.25-0.5% lower than conventional loans, saving you tens of thousands over the life of the loan.
Limited Closing Costs
VA restricts which fees lenders can charge veterans. Sellers can pay up to 100% of your closing costs with VA loans.
No Loan Limits (Full Entitlement)
With full entitlement, no maximum loan amount. Finance luxury homes in Bergen County without jumbo loan requirements.
Reusable Benefit
Use your VA loan benefit multiple times throughout your life. Sell and buy again, or have multiple VA loans simultaneously in certain cases.
VA Loan Eligibility
Who qualifies for VA home loan benefits in New Jersey
Active Duty Service Members
- 90 consecutive days of active service during wartime
- 181 days of active service during peacetime
- Currently serving and meet minimum service requirements
Veterans
- Served minimum period and received honorable discharge
- National Guard: 6 years of service
- Reservists: 6 years of service
Surviving Spouses
- Spouse died in service or from service-related disability
- Receiving Dependency and Indemnity Compensation (DIC)
- Not remarried (or remarried after age 57)
Frequently Asked Questions
How much can I save with a VA loan compared to conventional?
On a $500,000 home: (1) $100,000 down payment saved (0% vs 20%), (2) $250-$400/month saved on PMI, (3) ~$50,000 saved on interest (lower rate over 30 years), (4) $3,000-$6,000 saved on closing costs. Total savings: $150,000+ upfront, $250-400/month ongoing.
What is the VA funding fee and can I avoid it?
The VA funding fee is 2.3% for first-time use with 0% down ($11,500 on a $500K loan). It can be financed into the loan. Veterans with service-related disabilities are exempt (0% fee). Surviving spouses are also exempt. The fee is lower with down payments: 1.65% with 5% down, 1.4% with 10%+ down.
Can I use a VA loan more than once?
Yes! Your VA loan benefit is reusable. After selling a home purchased with a VA loan, your entitlement is restored and you can use it again. You can even have two VA loans at the same time if you have remaining entitlement (e.g., keep a rental property with a VA loan while buying a new primary residence).
Do VA loans have lower interest rates?
Yes, VA loans typically have rates 0.25-0.5% lower than conventional loans due to the VA guarantee. For example, if conventional rates are 7.0%, VA rates might be 6.5-6.75%. On a $500K loan, a 0.5% lower rate saves you ~$150/month or $54,000 over 30 years.
What are the credit score requirements for VA loans?
The VA itself has no minimum credit score, but most lenders require 580-620 minimum. However, higher scores (680+) qualify for better rates. Veterans with lower scores can still qualify—VA loans are more flexible than conventional loans regarding credit and debt-to-income ratios.
Can I buy a home in NJ if I'm stationed elsewhere?
Yes! You can use your VA loan to purchase a home in New Jersey even if you're stationed in another state, as long as you intend to occupy it as your primary residence within a reasonable time (typically 60 days). This is common for service members planning to relocate to NJ after discharge or reassignment.
How long does it take to get a VA loan approved?
VA loans typically take 30-45 days from application to closing—similar to conventional loans. The key is obtaining your Certificate of Eligibility (COE) upfront. We can pull your COE electronically in minutes for most veterans. Working with a VA-experienced lender (like us) ensures smooth processing and on-time closing.
Can sellers refuse VA loan offers?
Sellers cannot legally discriminate against VA buyers, but some worry about appraisal issues. Reality: VA appraisals are thorough but fair. To make your offer competitive: (1) Get pre-approved before house hunting, (2) Write a strong offer with minimal contingencies, (3) Include a personal letter highlighting your service, (4) Work with a VA-experienced agent. In competitive markets, your 0% down advantage often outweighs any seller concerns.
Ready to Use Your VA Loan Benefits?
Honor your service with homeownership. Get pre-approved for a VA loan and start enjoying the exclusive benefits you've earned through your military service.
Serving Bergen County, NJ and surrounding areas • NMLS #1842935