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Personal and Business Banking

VA Mortgages

Program for qualified U.S. Veterans, Reservists, and National Guard

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VA mortgages

VA Mortgage Features

  • For eligible US veterans, reservists, and National Guard
  • Same rate and payment for the life of your loan
  • Competitive rate
  • Up to 30 year term
  • Loans up to 100% of appraised value with no points
  • DCU service for the life of your loan
  • For home purchase
  • Borrow for 1 to 4 family primary residences
  • Can use to finance condominiums and townhouses

Please refer to Details and Rates tabs for additional information and important disclosures.

"Very Satisfied"

Open quote I do love the services I have used at DCU and have suggested their use many times over to folks looking to move from a traditional bank. Close quote

— Mike, Bedford, MA

VA Mortgage Benefit Details

  • What is a VA Mortgage? – A VA Mortgage is a home loan, provided by a mortgage lender, guaranteed by the U.S. Department of Veterans Affairs. This program helps veterans obtain mortgages by protecting the lender against loss. If a veteran qualifies, they can obtain a mortgage guaranteed to a maximum of $484,350, based on the appraised value of the property, with no down payment.
  • What are the benefits of a VA Mortgage? – For qualified borrowers, a VA Mortgage will allow you to borrow for the full value of the home with no down payment. While the veteran will pay closing costs, these costs are held to reasonable and customary amounts by regulation.
  • What are the disadvantages of a VA Mortgage? – Because there is no down payment required, the rate on these mortgages tends to be higher than conventional mortgages made with a down payment. Because the federal government is involved, there is more paperwork for you to fill out (more than that required for an ordinary mortgage). In addition, you may not have as many mortgage product options within the VA loan guarantee.
  • Who can obtain a VA Mortgage? – The Veterans Administration will guarantee a no down payment, 100% financing mortgage on a home if you are in one of the following classes:
    • An eligible veteran of the US Army, Navy, Air Force, Marines, or Coast Guard
    • An eligible reservist of the above or a member of the Army National Guard or Air National Guard
    • An unmarried spouse of a deceased veteran
    • An eligible individual with service in certain organizations such as midshipmen and cadets at service academies, officers of the National Oceanic and Atmospheric Administration, officers of the Public Health Service among others
    • Qualified individuals who are purchasing a VA foreclosed home

Visit the U.S. Department of Veterans Affairs web site for more on VA Loan eligibility requirements and required forms.

VA Mortgage Features at DCU

  • Same rate and monthly payment for the life of your loan
  • Competitive rate
  • Up to 30 year term – A longer term helps keep monthly payments more affordable. A shorter term saves you interest and builds equity faster.
  • Loans up to 100% of appraised value with no points
  • DCU service for the life of your mortgage – We'll handle all your payments, escrow, and questions. You'll have access to your mortgage account through Online Banking, Easy Touch Telephone Teller, DCU ATMs, and our branches for getting information and making electronic payments. Most important, you'll never have to worry about late or missing payments if your mortgage is sold.
  • For home purchase
  • Borrow for 1 to 4 family primary residences
  • Can use to finance condominiums and townhouses – as well as single-family homes.

VA Mortgage Rates*

Term / Property Points Interest Rate Annual Percentage Rate Estimated
Monthly Payment
per $1,000^
VA Mortgage
30 year term, up to 100% of home value
0 points 4.125% 4.32% $4.90

^Estimated Monthly Payment per $1000 – Taxes and insurance premiums, if applicable, are not included and the actual payment obligation will be greater.

*Rates are effective  and are subject to change at any time. Rates locked in today for 60 days have an expiration date of . Rates apply to loans up to $484,350 (also known as "conforming mortgages").

Rates and Fees disclosed are for loans that meet Secondary Mortgage Market underwriting standards; additional rate and fees may apply for loans outside of those guidelines.

Mortgage Fees

Item Fee
Mortgage Application Fee $300
Rate Lock Fee $0*

* There is no fee to lock your rate.

Other Approximate Mortgage Costs*

Item Approximate Cost
Closing Costs $1,900-$2,100 (not including points) per $100,000**

* Private Mortgage Insurance is also required if the loan to value is greater than 80%. The "Loan to Value" is the total loan amount divided by the value of your property. The value of the property is the lesser of either the purchase price or appraised value. Secondary Market Delivery Fees may be applicable in addition to the Approximate Closing Costs.

** Depends upon the state you are purchasing your home in. Fees may increase based on credit score, down payment, purpose of loan, subordinate financing and property type. Your actual rate, payment, and costs could be higher. Get an official Loan Estimate before choosing a loan.

VA Mortgage Loans is rated 5.0 out of 5 by 1.
Rated 5 out of 5 by from Professional, efficient, and friendly Almost on the spur of the moment my wife & I decided we needed a home closer to her parents. Found the home, needed a pre approval letter, and needed to close quickly. Pam, the MLO, listened to my needs...and to make a long story short she arranged the pre approval, took care of the VA COE, and everything else... and we have a new home and it didn't hurt a bit. On the more serious side, the rates were low, the closing costs were well within budget, and service on the loan has been excellent.
Date published: 2013-11-11
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Does the VA loan include refinancing our existing home?

Asked by: Hoa
DCU does only offer purchase financing for VA Mortgage loans.
Answered by: DCU Staff
Date published: 2013-10-23

Can you use a VA loan if purchasing an investment property? Multi-family?

Asked by: JJ
DCU only offers VA Mortgage loans on purchase transactions for a primary residence.
Answered by: DCU Staff
Date published: 2016-12-29

I have a DCU mortgage loan with DCU now. It is a VA loan, is it possible to refi on a VA loan with DCU ?

Asked by: Dee
Refinance opportunities are definitely worth considering. To learn more about your options please give us call so we may put you in touch with our Mortgage Origination Team who can answer any questions you have and accept your application when you are ready to apply.
Answered by: DCU Staff
Date published: 2013-10-23

Does DCU finance construction loans with the VA home loan?

Traditionally the VA home loan is for houses that are already built. Does DCU offer construction loans when they would be backed by the va home loan?
Asked by: Em
DCU offers Construction Loans in MA and NH only with the following restrictions: • Fixed rate products only • Primary residence only • MA/NH Only • One unit properties only • Borrower may not be their own contractor • Must have an Accept Finding on LP (Saleable to Freddie Mac) • Delivery fees may apply • No escrow for property taxes during construction phase. For VA Loans, DCU only offers: 30 year fixed term, purchase transactions, of a primary residence, which includes condos. For further information, please contact our Mortgage Origination Team directly at 800/328-8797 option 3.
Answered by: DCU Staff
Date published: 2017-02-04
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DCU Staff "

Open quote At DCU, there is always friendly staff and they are always willing to help you in any way. Close quote

— Laurie, Acton, MA

How to Apply for a VA Mortgage

  1. Apply or get pre-qualified online – 24 hours a day, 7 days a week.
  2. Apply or get pre-qualified by phone – Call 508.263.6700 or 800.328.8797 (select 3) anytime Monday through Friday 8:00 am to 9:00 pm or Saturday 9:00 am to 3:00 pm, Eastern Time. A representative will guide you through the entire application process.
  3. At any DCU branch – Visit your local branch during normal business hours.

"No Hassle Service"

Open quote The job always gets done in a efficient and hassel free way. Just the way it should be! Close quote

— Bob, Portland, OR

Mortgage Tools and Resources

Related Links

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  • Homeowners Insurance through DCU Insurance – DCU Insurance offers insurance with the personal service you deserve. So whether you have Homeowners Insurance or need it, DCU Insurance could be the right choice for you.
  • DCU Realty – DCU Realty is a full-service real estate agency serving home buyers and sellers in Massachusetts and New Hampshire. Our team of certified buyer agents can show you any home on the market with no out of pocket cost to you. Put a licensed DCU Realty professional on your side before you start your home buying process so you can get the best home on the market at the best price.
  • How to Make Your Loan Payment – We make it easy to make your loan payment. Find out more about our convenient payment options.