What is a VA mortgage loan?

If you’ve served in the military, you may qualify for one of the most powerful homebuying benefits available — the VA mortgage loan. Backed by the U.S. Department of Veterans Affairs (VA), this loan program helps eligible veterans, active-duty service members and surviving spouses buy a home with fewer financial barriers.

At Westerra Credit Union, we’re proud to support those who’ve served by offering VA loans with personalized guidance and local expertise.

What is a VA mortgage loan?

A VA mortgage loan is a government-backed home loan designed to make homeownership more accessible for those who have served. It offers flexible terms, competitive rates and fewer upfront costs compared to conventional loans.

Key benefits of a VA loan

• No down payment required in most cases

• No private mortgage insurance (PMI), which lowers monthly payments

• Competitive interest rates

• Flexible credit requirements

• Limited closing costs

• VA Interest Rate Reduction Refinance Loan (IRRRL) available for refinancing

These benefits make VA loans especially helpful for first-time homebuyers or those transitioning out of military service.

Who is eligible?

To qualify for a VA loan, you must meet specific service requirements. Generally, you may be eligible if you have:

• Served 90 consecutive days of active duty during wartime

• Served 181 days of active duty during peacetime

• Served six years in the National Guard or Reserves

• Been discharged due to a service-related disability, regardless of time served

• Received an honorable discharge

Surviving spouses of service members who died in the line of duty or from a service-related condition may also qualify. This provision helps families maintain housing stability after the loss of a loved one.

What Is a Certificate of Eligibility (COE)?

To apply for a VA loan, you’ll need a Certificate of Eligibility (COE). This document confirms your eligibility and can be obtained:

• Online through the VA’s eBenefits portal

• By mail

• Through your lender

At Westerra, our mortgage specialists help you request and submit your COE, making the process simple and stress-free.

What can a VA loan be used for?

VA loans can be used to:

• Buy a primary residence

• Build a new home

• Refinance an existing mortgage

• Make home improvements

• Consolidate debt

They cannot be used for vacation homes or investment properties. The home must be your primary residence.

Why choose Westerra for your VA loan?

Westerra Credit Union offers:

• Local decision-making and personalized service

• Support with obtaining your COE

• Tools to help you calculate payments and affordability

• A team that understands the unique needs of veterans and military families

We’re here to walk you through every step of the process, from preapproval to closing.

You’ve earned this

Buying a home is a major milestone, and VA loans are designed to make that step easier for those who’ve served. Whether you’re settling down in Colorado or relocating after service, Westerra Credit Union is here to help you make the most of your benefits.

Explore VA mortgage options and other specialty loans here.