VA Loans

Because our Veterans and service members deserve a secure place to call home.

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All good deeds should get a reward!

After everything you’ve been through in service of our country, buying a home should be easy. Luckily, the VA has got your back so you don’t even need a down payment!

The Details

We’re guessing you’ve heard of the United States Department of Veterans Affairs, right? But maybe you’re not quite sure what the VA has got to do with your home loan. Well, here’s the low down. UMe, your friendly neighborhood credit union, can get you all set up with your VA mortgage. The VA will then insure that mortgage in the (highly unlikely) event you can’t make your payments.

Because of this insurance, UMe can give you a loan with no down payment, easier qualifying, and competitive rates. So who’s eligible for this amazing offer? There’s a little fine print you’ll need to read but, basically, VA loans are for: U.S. Veterans, active-duty service members, reservists, National Guard members, and eligible surviving spouses. With thanks from us all!

So What's All The Hype?

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No Down Payment

That’s right. You can get a VA loan with 0% down and no need to pay private mortgage insurance (PMI)

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Easier Qualifying

We’ll take a look at your whole financial picture, with fewer income restrictions than other loans.

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Great Rates and Terms

You can choose from fixed or adjustable-rate interest and get the right term for your budget.

VA Home Loan Rates

VA Home Loan Rates


Rate as low as


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30-year fixed

Rate as low as




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15-year fixed

Rate as low as




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5/1 adjustable-rate (ARM)

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To get your VA loan, just have these documents at the ready:

Applying for a VA loan isn’t all that different from getting a regular home loan. The main difference is you’ll need to get a Certificate of Eligibility (COE) from the good folks at the VA. Once you have that in your pocket, just show us the most recent or current versions of these documents:

  • Photo ID and proof of address (as per usual, right?)
  • Bank statements and proof of any other assets (you can earn high or low and still qualify for a VA loan!)
  • Tax returns (they’re just one part of the picture, not the be-all and end-all)
  • Pay stubs, W-2s, 1099s, and anything else to show your hard work
  • Gift letters (just in case a family member can help out with your down payment)
  • Evidence of your (no doubt excellent!) renting history or previous homeownership
  • Credit history – feel free to check your credit score for yourself before we request a report

No need to sweat the VA loan process

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Reach out to the VA and check that you’re eligible for a VA loan based on your service or status.

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Get your COE and gather all the documents from the above list.

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Decide if you want to apply for your VA loan online, over the phone, or at your favorite UMe branch.

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We’ll take a good look at your application and get back to you ASAP with a yes/no or request for more info.

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Now, let’s assume we can pre-qualify you for a VA loan – great news because now you can start looking for a place to call home!

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Once your offer is accepted, we’ll guide you through the closing process, including a VA home appraisal!

2 great payment options, the choice is yours!

  • Payroll Deduction

    If you have a loan with the credit union, payroll deduction is a convenient way to have your loan payments automatically deducted from your paycheck.

    To find out if you’re eligible for payroll deduction, contact your employer’s benefits department. If you already have payroll deduction set up with the credit union and want to set up automatic loan payments, call us at (818) 238-2900.

  • Automatic Transfers

    Automated transfer allows members to transfer funds within UMe accounts on a recurring schedule.

    You can set up an automatic transfer to make your loan payment, so you won’t have to think about it each month.

    To set up an automatic transfer, fill out our Share to Loan Transfer Form or give us a call at (818) 238-2900.

VA Home Loan FAQs

VA loans are backed by the Department of Veterans Affairs so credit unions like UMe can offer incredible loans to incredible people like you who have served our country.

VA insurance means that the feds will give back a portion of the money loaned to you to buy your home if it turns out you can’t pay your 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 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)
  • Limited closing costs because the VA puts a cap on what you can be charged
  • You can use a VA loan to buy your first home or you can be a repeat buyer
  • You can transfer your VA home loan to another eligible Veteran in future (because it’s what we call “assumable”)

Rates on VA loans tend to be lower than conventional loans (which are your typical loan, not backed by the government).

That said, there’s no single answer to what rate you’ll get because that’s where your credit score can come into play. (The higher your score, the lower your rate.) Also, the term you choose will impact your rate. Shorter terms get lower rates!

Note that your annual percentage rate (APR) is your interest rate plus any applicable fees rolled into one handy figure.

Generally speaking, yes. But your choice of terms might depend on your particular financial situation. Just ask UMe and we’ll guide you in the right direction!

Keep in mind that a longer loan term means a lower monthly payment but you’ll pay a bit more in interest. Of course, short terms mean the opposite. You’ll save on interest but your monthly payment might stretch your budget.

The short answer is, yes. But VA fees are a little different than for conventional loans so here’s what you need to know:

  • With VA loans, you don’t need to pay something called private mortgage insurance (PMI), which is what you usually need to pay when your payment is less than 20%. Repeat, no PMI!
  • But you do need to pay a VA Funding Fee.
  • You can pay the funding fee upfront in cash, or have it rolled into your loan principal.

If you’re wondering what the fee is for, it’s to help with that government guarantee we talked about earlier. The fees are a way for you to split the bill with U.S. taxpayers (like yourself!).

That’s a very good question! Closing costs pay everyone who has a hand in your home loan, including:

  • Your local friendly lender
  • Real estate agents
  • Lawyers (if needed!)
  • The people who handle titles and other expert admin
  • Taxes and fees you have to pay in advance and leave in a cool account called Escrow
  • Appraisals, inspections – honestly, the list goes on.

But lucky for you, the FHA limits the amount you need to pay in closing costs so your home loan is more affordable and you can get settled in soon.

Let's open the door to the possibilities!

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