VA Mortgages

If you are a United States veteran who is looking to purchase a home, consider looking into a VA mortgage. Here are the basics you should know to help you get started:

What does VA stand for?
VA stands for Veterans Affairs.

Do you have to be a US veteran to get a VA mortgage?
Yes, you must be a veteran to qualify for a VA mortgage. A spouse may also be on the loan, but a non-spouse cannot.

What are the benefits?
VA mortgages offer better rates than conventional mortgages. Unlike conventional mortgages, you do not need private mortgage insurance for a VA mortgage. Also, you can get 100% financing, which means you do not need a down payment.

Are there any additional fees associated with a VA mortgage?
There is no monthly fee for a VA mortgage. There may be a funding fee through Veterans Affairs, which varies depending on the borrower’s service, prior history of VA loans, and any applied down payment. Exemptions are possible for those who receive disability compensation from Veterans Affairs.

What terms are offered?
VA mortgages are offered in 15 and 30 year terms with a fixed rate.

What documents do I need to apply?
To apply for a VA mortgage you will need the following documents:

  1. Certificate of eligibility
    • You can get this document by applying through Veterans Affairs, or your Mortgage Officer can apply for you
  2. Last two months of bank statements
  3. W-2 forms for the previous two years and a recent paycheck stub(s) (covering a 30 day pay period) reflecting year to date earnings
  4. If divorced, please provide copies of recorded divorce decree/child support order
  5. If self-employed, borrowers must provide complete tax returns with all appropriate schedules for the previous two years along with year-to-date profit and loss

Getting started
If you would like to learn more about VA mortgages, contact a U of I Community Credit Union Mortgage Officer at or by calling 217-278-7700. We’re happy to answer any questions you might have. To apply online today, click here.

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