VA Loans

Designed to offer financing to eligible American veterans or their surviving spouses. VA loans require a Funding Fee (again similar to FHA's UFMIP and USDA's Funding Fee) that is based on whether the veteran is Active Duty/Veteran or Reservists/National Guard and on the loan category (less than 5% down payment, 5-10% down payment, 10% or more down payment, etc.). VA loans are subject to maximum loan limits found here: VA's County Loan Limits PDF. The maximum Loan to Value Ratio for a VA refinance is 100% if just refinancing the mortgage, or 90% if taking cash out.