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VA Mortgages

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

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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

View current DCU Mortgage rates

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 $453,100, 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 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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How to Apply for a VA Mortgage

  1. Apply by Phone
    Call 508.263.6700 (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.

    Learn how to apply or get pre-qualified by phone

  2. Visit a DCU Branch