VA Loan Guide for New Jersey Veterans
If you served, this is your loan. No down payment. No PMI. The best rates available. And most veterans never use it.
If you served, this is your loan. No down payment. No PMI. The best rates available. And most veterans never use it.
Here's everything you need to know.
What is a VA loan?
A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs. It's available to veterans, active-duty service members, and eligible surviving spouses.
The government guarantee means lenders take on less risk — which is why the terms are so good.
The benefits
Zero down payment. You can buy a home with nothing down. On a $400,000 home, that's $14,000–$20,000 you don't have to save.
No PMI. Conventional loans require private mortgage insurance when you put less than 20% down. VA loans never have PMI — ever.
Lower rates. VA loans consistently have the lowest rates of any loan type. Typically 0.25–0.5% below conventional.
No loan limits (for most borrowers). If you have full VA entitlement, there's no cap on how much you can borrow — as long as you qualify based on income and credit.
Seller can pay closing costs. VA rules allow the seller to pay up to 4% of the loan amount in concessions, on top of standard closing costs.
Who qualifies?
You need a Certificate of Eligibility (COE) from the VA. Generally you qualify if you meet one of these:
90 consecutive days of active service during wartime
181 days of active service during peacetime
6 years in the National Guard or Reserves
Surviving spouse of a veteran who died in service or from a service-connected disability
We pull your COE as part of the loan process — you don't have to figure that out on your own.
What's the VA funding fee?
The one cost unique to VA loans is the funding fee — a one-time charge that goes to the VA to keep the program running. It ranges from 1.25%–3.3% of the loan amount depending on your down payment and whether it's your first VA loan.
It can be rolled into the loan — you don't have to pay it upfront.
Some veterans are exempt from the funding fee entirely: those receiving VA disability compensation, surviving spouses of veterans who died in service, and Purple Heart recipients.
Can I use a VA loan more than once?
Yes. You can use your VA benefit multiple times. As long as you've paid off the previous VA loan (or in some cases even if you haven't), you can use it again.
What about NJ specifically?
New Jersey has a significant veteran population — Fort Dix, McGuire Air Force Base, and Lakehurst are all in the state. We work with veterans across Ocean County, Monmouth County, and throughout NJ.
VA appraisals in NJ can be competitive — turnaround times vary. We manage that process so it doesn't slow down your close.
You earned this benefit. Use it.
If you're eligible, a VA loan is almost always the best deal available. The terms are unbeatable, and the qualification process is straightforward with the right lender.
Spring Home Company. Licensed in NJ, PA & TX. NMLS #2741914.