The VA works hard to limit the closing costs that veterans are required to bring to closing. The VA also charges a Funding Fee, which can be rolled into the loan, helping to reduce out-of-pocket expenses.
Explore VA Loans with Rally
Aug 19, 2024
For those who’ve served our country, homeownership should be an attainable and rewarding experience. Rally Credit Union is committed to supporting our veterans, active-duty service members, and their families by providing access to VA loans designed with your unique needs in mind.
What is a VA Loan?
A VA loan is a mortgage option available to veterans, active-duty military, and their families. Guaranteed by the U.S. Department of Veterans Affairs, VA loans offer a powerful benefit: no down payment is required, making homeownership within reach even sooner.
Benefits of VA Loans
- No Down Payment: Finance up to 100% of your home’s value.
- No Private Mortgage Insurance (PMI): Enjoy savings on your monthly payments.
- Lower Interest Rates: Choose from competitive fixed and adjustable rates.
- Reduced Closing Costs: Benefit from minimized or eliminated closing fees.
- Flexible Credit Standards: More lenient requirements compared to conventional loans.
- No Prepayment Penalty: Pay off your loan early without any penalties.
Who is Eligible for a VA Loan?
- Active duty military
- Veterans
- Reservists and National Guard members
- Surviving spouses of veterans who died from a service-connected disability or during active service
Eligibility is confirmed through a Certificate of Eligibility (COE), which Rally Credit Union can help you obtain.
Ready to take the next step? Here’s how it works:
- Pre-Qualification: Start by applying for pre-qualification with Rally Credit Union.
- Guided Support: Our home loan experts will guide you through the process, including obtaining your Certificate of Eligibility (COE).
- Documentation: Filed Tax Returns (1040) - W2/1099 for the two most recent years, Bank Statements for the two most recent months, Copy of Government Issued ID, and Proof of Income.
Additional Resources:
Home Loan Calculators
Find a Home Loan Expert
We're Here to Help
New Home Loan Inquiries: Call 1-800-622-3631 and press 5, then 2
Existing Home Loans: Call 1-866-840-4152
Home Loan Payoff Requests: Call 1-866-840-4152
Frequently Asked Questions:
Home Loans
Members can make payments at a branch with any Rally teller, over the phone, online, or through the Rally Credit Union mobile app, just as they do with other home loans.
A VA loan typically closes within 30 days, similar to other Rally Credit Union loans. Once the loan is approved by the VA, we aim to close it within this timeframe.
VA Home Loans require no down payment, offer lower interest rates compared to conventional loans, and do not require private mortgage insurance (PMI).
VA Home Loans are available for purchases and refinances only. VA does not offer cash-out or home equity transactions in Texas.
- Veterans receiving any amount of service-connected disability compensation.
- Surviving spouses of veterans who died from a service-connected disability or during active service.
- Purple Heart recipients currently serving on active duty.
For new home loan inquiries, applications, or questions about a loan in progress, please apply online at rallycu.com/mortgage, visit a nearby branch, or contact us at 800-622-3631, ext. 1002.
All active-duty military, retirees, and honorably discharged veterans are eligible for a VA Home Loan. This benefit can be used multiple times. The VA also has more flexible credit requirements, increasing the chances of approval.
Still have questions? Visit our Help Center.