« Back to Blog

What makes a VA loan extra unique?

The Department of Veterans Affairs backs VA loans. This allows credit unions like UMe to offer incredible loans to incredible people like you who have served our country. The VA also provides insurance on loans they guarantee. This protects the lender if you default on your VA mortgage (not gonna happen, we know!). This backing means we might be able to offer you a loan even if your financial situation isn’t typical.

Here are a few of the best things about credit union VA loans:

  • No down payment needed
  • Easier qualifying—we’re not just looking at your credit score
  • Your income can be a little lower, but it can also be higher (FHA loans have an income limit, you see)
  • The VA caps closing costs, limiting what lenders can charge you
  • You can use the VA home loan program to buy your first home, or you can be a repeat buyer
  • You can transfer your VA home loan to another eligible Veteran in the future (because it’s what we call “assumable”)