VA Loans
A VA loan is a mortgage loan guaranteed by the U.S. Department of Veteran Affairs (VA) that is available to most US service members. It offers some very great benefits to those that have served our country.
You can buy a home with no money down, refinance your home up to 100% of its value, and you never have to pay PMI (Private Mortgage Insurance). These loans are usually easier to get because the Government insures the loan, reducing risk to the lender and providing exceptional opportunities for our veterans.
Redwood Mortgage Services helps eligible veterans, active-duty service members and military families explore VA home loan options in Annapolis, Anne Arundel County and throughout Maryland, as well as Virginia, Washington, D.C., Delaware, North Carolina and Florida. Whether you're purchasing your first home, relocating, using your VA loan benefit again or considering a VA refinance, we can help you understand your eligibility, financing options and the VA loan process from pre-approval through closing.
VA Loan Programs
VA home loans provide eligible veterans, active-duty service members, National Guard and Reserve members, and certain surviving spouses with financing options backed by the U.S. Department of Veterans Affairs.
VA loans can offer significant homebuying benefits, including the possibility of purchasing with no down payment, no monthly private mortgage insurance (PMI), and flexible qualification guidelines.
Redwood Mortgage Services helps VA borrowers explore purchase and refinance options throughout Annapolis, Anne Arundel County and Maryland, as well as Virginia, Washington, D.C., Delaware, North Carolina and Florida.
How VA Loans Work
VA loans are offered through approved private lenders and partially guaranteed by the Department of Veterans Affairs. This guarantee helps reduce lender risk, which may allow eligible borrowers to access more flexible loan terms.
Key VA loan features may include:
- No down payment required for eligible borrowers
- No monthly private mortgage insurance
- Competitive financing options
- Flexible credit guidelines
- Purchase and refinance options
Who is Eligible for a VA Home Loan?
VA home loan eligibility is generally based on military service history and duty status. Veterans and active-duty service members may qualify when applicable service requirements are met. Certain National Guard and Reserve members and eligible surviving spouses may also qualify.
VA loan eligibility may include:
- Veterans with qualifying service history
- Active-duty service members who meet applicable service requirements
- Certain National Guard and Reserve members
- Certain eligible surviving spouses
Borrowers generally need a Certificate of Eligibility (COE) to verify their VA home loan benefit. Eligibility for the VA benefit is separate from approval for a particular mortgage, which also depends on applicable credit, income, property and underwriting requirements.
VA Mortgage Experience in Annapolis and Anne Arundel County
Redwood Mortgage Services has helped homebuyers with mortgage financing since 1999 from our office in Annapolis, Maryland. Stuart Kiehne, President and NMLS #92008, has more than 25 years of mortgage experience working with homebuyers, including veterans and military families using VA financing.
VA transactions can involve questions that do not arise with every conventional mortgage, including Certificates of Eligibility, entitlement, funding fees, occupancy requirements, VA appraisals and the reuse or restoration of VA loan benefits.
Redwood Mortgage Services helps eligible veterans, active-duty service members and military families understand these requirements and evaluate VA purchase and refinance options for homes in Annapolis, Anne Arundel County and throughout Maryland.
Our Annapolis office is located at 2077 Somerville Road, Suite 220, Annapolis, MD 21401.
Borrowers work with us because we offer:
- More than 25 years of mortgage lending experience
- Strong familiarity with VA loan guidelines
- Local mortgage expertise in Annapolis, Anne Arundel County, and throughout Maryland
- Direct access to experienced loan officers
- Clear guidance for both buyers and real estate agents
Have questions about using a VA loan in Maryland?
Learn more about VA loan eligibility, entitlement, funding fees, occupancy requirements, refinancing and other VA financing topics in the sections below.
VA Loan FAQs
Do VA loans require a down payment?
Many VA loans allow eligible borrowers to purchase with no down payment, although some borrowers may still choose to make one.
What is a VA Certificate of Eligibility (COE)?
A Certificate of Eligibility, commonly called a COE, confirms that a borrower meets the military service requirements for the VA home loan benefit. A COE does not guarantee mortgage approval; borrowers must still meet applicable lender, income, credit, occupancy and property requirements. In many cases, a lender can help obtain the COE during the mortgage process.
Do VA loans require monthly mortgage insurance?
No. VA loans do not require monthly private mortgage insurance.
How long does VA loan pre-approval take?
Pre-approval can often be completed quickly once required documentation is received. Timing depends on the borrower’s financial situation and how complete the documentation is.
Can VA loans be used more than once?
Yes. Eligible borrowers may be able to use their VA loan benefit more than once, depending on entitlement and program guidelines.
What credit score do I need for a VA loan in Maryland?
The Department of Veterans Affairs does not set a minimum credit score requirement for VA loans. However, individual lenders may establish their own credit requirements. Credit is only one part of VA loan qualification, so borrowers should have their complete financial situation reviewed rather than assuming a particular credit score automatically qualifies or disqualifies them.
Do VA loan limits vary by county in Maryland?
For most eligible veterans with full VA entitlement, there is currently no VA loan limit. County loan limits may still matter if you have partial entitlement remaining because you currently have a VA loan or have not restored entitlement from a previous VA loan. In those situations, county-specific limits can certainly affect how much you can borrow without making a down payment.
Can I use a VA loan for a condo in Maryland?
Yes. VA loans can be used to purchase condominiums in Maryland.
However, the condominium project generally must meet VA requirements. If you're considering a condo, your lender can help determine whether the project is VA-approved or whether additional review may be necessary.
What are typical closing costs for a VA loan in Maryland?
VA loan closing costs vary based on the property, loan amount, location and individual transaction. Costs may include items such as lender fees, appraisal fees, title and settlement charges, prepaid taxes and insurance, and the VA funding fee when applicable. Some veterans may be exempt from the VA funding fee. Your Loan Estimate will provide a more specific breakdown of the anticipated costs for your transaction.
How long does it take to close a VA loan in Maryland?
The time required to close a VA loan can vary depending on the borrower, property, appraisal, documentation and underwriting requirements. A well-prepared borrower who has completed the pre-approval process and provides requested documentation promptly may help keep the process moving efficiently. Your mortgage professional can provide a more realistic timeline based on your particular transaction.
Learn More About VA Home Loans
VA financing has unique rules involving eligibility, entitlement, property requirements, refinancing and other considerations. Explore these Redwood Mortgage Services resources for more detailed answers to common VA loan questions.
Understanding VA Loan Options for Veterans
Learn about VA purchase loans, refinancing options, VA renovation financing and other ways eligible borrowers may use their VA home loan benefit.
How Many Times Can You Use a VA Loan? Understanding VA Entitlement
Learn how VA entitlement works, when it may be restored and how eligible Veterans may be able to use their VA home loan benefit more than once.
VA Loan Closing Costs and Fees: What Veterans Should Know
Learn about common VA loan closing costs, the VA funding fee, seller-paid costs and what borrowers may need to plan for at closing.
VA Loan Occupancy Requirements: What Veterans Need to Know
Understand VA primary-residence requirements, occupancy timing and how the rules can apply in different situations.
Joint VA Loans: Buying a Home With a Co-Borrower
Learn how joint VA loans may work when an eligible Veteran purchases a home with a spouse, another Veteran or another co-borrower.
VA Housing Grants for Veterans With Disabilities
Learn about VA housing grant programs that may help eligible Veterans with certain service-connected disabilities adapt, purchase or build an accessible home.
Do VA Refinance Rates Differ From Purchase Rates?
Learn why VA refinance pricing may differ from purchase financing and what borrowers should consider when comparing VA loan options.
How to Get a Better VA Loan Rate: What Veterans Should Know
Learn what can affect VA mortgage pricing and why comparing the interest rate, APR, points, fees and overall loan structure matters.
Top 10 Tips for Choosing a VA Lender in Annapolis, MD
Learn what Veterans and military families should consider when choosing a mortgage professional for VA financing in Annapolis and Anne Arundel County.
Ready to Explore Your VA Loan Options?
If you are a veteran, active-duty service member, or eligible surviving spouse, Redwood Mortgage Services can help you understand your VA loan options and next steps.
Contact Stuart Kiehne, President | NMLS #92008
Redwood Mortgage Services | NMLS #91893
410-266-1641
Stuart@Redwood-Mortgage.com
www.Redwood-Mortgage.com
VA loans represent one of the most valuable benefits available to our veterans and service members. With no down payment required, no PMI, and the ability for sellers to pay closing costs, these loans provide an exceptional path to homeownership for those who have served our country.
No Down Payment
Buy a home with no money down - 100% financing available
No PMI Required
Never pay Private Mortgage Insurance, saving you money monthly
Easier Qualification
Government backing reduces lender risk, making approval easier
VA Home Loan Resource Center
Looking for more VA information? Explore our dedicated resource center for guides on eligibility, entitlement, buying, refinancing, occupancy, VA appraisals and using your VA benefit again.
Looking for a VA Loan?
VA loans offer unmatched benefits for veterans and service members: no down payment, no PMI, sellers can pay your closing costs, and easier qualification due to government backing. Whether you're buying your first home or refinancing with a VA Streamline, these benefits represent our nation's commitment to supporting those who have served. Don't let these exceptional benefits go unused.