VA home loans · For those who served
Put the home loan benefit you earned to work.
VA loans are backed by the Department of Veterans Affairs for veterans, service members and some surviving spouses. There’s no monthly mortgage insurance, and your loan officer can help you request your Certificate of Eligibility.
What to know.
The essentials, in plain English.
- No monthly mortgage insurance
- Most loans with a small down payment add monthly mortgage insurance. VA loans don’t. Most borrowers pay a one-time funding fee, and some veterans are exempt.
- Less cash up front
- VA loans can ask for less down than most other loans, which keeps more of your savings in reserve. Your loan officer walks you through the full terms.
- Limits on what you’re charged
- The VA limits some of the fees a veteran can be charged, and sellers can pay some of your closing costs.
- Someone who knows the VA process
- Your loan officer handles the Certificate of Eligibility, the funding fee questions and the VA appraisal with you, so the paperwork isn’t yours alone.
What happens after you press the button.
- Your loan officer reaches out
- Ryan reads what you send personally and gets in touch to talk it through.
- What you’ll talk about
- Your service history, your plans for the home and your budget. Your loan officer can start on your Certificate of Eligibility.
- What to have handy
- Your DD-214 or a statement of service, if it’s nearby. Everything else can wait until you apply.
Who it fits
Those who served, and some of their surviving spouses.
- Veterans
- Active-duty service members
- National Guard and Reserve members
- Some surviving spouses
What you’ll need
Your loan officer confirms what your file needs.
- Your DD-214, or a statement of service if you’re on active duty
- Recent pay stubs or LES, W-2s and tax returns
- Bank statements
- Your VA disability award letter, if you have one
Common questions
Who is eligible for a VA loan?
Veterans, active-duty service members, and National Guard and Reserve members who meet the service requirements, plus some surviving spouses. Your Certificate of Eligibility confirms it.
VA or conventional: which is right for me?
If you’re eligible, a VA loan often costs less up front and has no monthly mortgage insurance. A conventional loan can finance a second home or a rental, which a VA loan doesn’t. Compare both, with the full terms of each.
What is a Certificate of Eligibility?
The document that shows a lender you’re eligible for a VA loan. Your loan officer can usually request it for you through the VA’s own system.
What is the VA funding fee?
A one-time fee that helps fund the program. It depends on your service, the loan and whether you have used the benefit before, and many borrowers add it to the loan. Veterans with a service-connected disability are usually exempt.
Can I use my VA benefit more than once?
Yes. Your entitlement can be restored after a VA loan is paid off, and in some cases you can have more than one VA loan.
Is there a minimum credit score?
The VA doesn’t set one, though lenders have their own guidelines. Your loan officer looks at your whole picture: credit, income and debts together.
Can the seller help with my closing costs?
Yes. VA rules let sellers pay some of your closing costs, within limits, and the VA restricts some of the fees a veteran can be charged.
Will checking my options affect my credit?
Answering a few questions doesn’t check your credit. A credit check comes later, only with your permission, and your loan officer can explain how it may affect your score.
What if I don’t qualify?
Your loan officer explains why, and whether another loan such as FHA or conventional may fit while you work on what’s missing.
What does a VA loan cost?
Closing costs and the one-time funding fee, unless you’re exempt. The VA limits some fees, sellers can pay some costs, and your Loan Estimate lists every cost before you commit.
5.0
45 reviews of New American Funding: Ryan Skaggs (MORTGAGE) on Google
Northbrook families,
in their own words.
“Ryan and his team were very professional throughout the whole process and able to close in under 21 days (which was the seller's main condition).”
Natasha V
“Ryan and his team are simply the best. They made the entire loan process very clear and simple. This team is extremely attentive and helpful. Highly recommend!”
Eric Matejcak
“Ryan & his entire team are the ones you need for the biggest purchase you’ll ever make in a home. Their dedication & disciplined is what allowed me to have an efficient closing. Thank you all again! Highly recommend 💯”
Steph B
“Neighborhood Loans and specifically Ryan Skaggs has been with me on my home buying journey since the beginning. Recommended by my amazing Realtor, I met Ryan in 2021.”
Bemnet Yigzaw
“Ryan was great, communicated extremely well and thoroughly. He made the entire process fairly simple. Would recommend him for sure.”
Scott Walters
“We are so incredibly grateful we found Ryan! My wife and I were pretty overwhelmed when we first started looking at mortgages.”
Jonathan Peig
“Ryan from the neighborhood loans team is the kind person you want in your corner when buying a home. From pre-approval to close, he was responsive, consultative, and patient.”
Andrew Harris
“Ryan is wonderful to work with and makes the mortgage process as easy as can be. Highly recommended!”
Michael Leifman
“Thank you to Ryan and his team. Our realtor recommended them. We are very happy we decided to work with them. They kept in touch after we decided it wasn't the right time to buy. One year later, we are in our new home.”
Amanda Atkinson
“Ryan did an amazing job getting my buyers closed on a multi unit investment in Chicago. He was profession and concise, updating everyone weekly on the process and keeping things on track. We closed three weeks early, largely for to his efforts.”
Paul Barker
Thank you for serving.
Let’s find your home.
Talk through your benefit with Ryan on a call, or start online when you’re ready.
(773) 569-8692