VA loans are as good as they get. They are available to help veterans purchase or refinance a home. VA loans are backed by the government and offer some very beneficial features over other loans, such as:
- No down payment requirement
- No monthly mortgage insurance on VA loans
- Max LTV (loan-to-value) for purchase and refinance: 100%
- Cash out refinance allowed up to 100% LTV
- Typically have slightly lower interest rates than conventional loans
To qualify for a VA mortgage loan in Utah a service member needs to meet just one of the following requirements:
- served 181 days on active duty during peacetime
- served 90 days on active duty during war time
- served 6 years in the reserves or national guard
- is the spouse of a service member who died while in military service
To see if you qualify for a VA loan you will want to contact the VA directly and receive your certificate of eligibility that will be required before applying for a VA loan.
100% financing is limited to the conventional loan county limits, please see the conventional loan page for a list of county loan limits in Utah. A VA loan can exceed the county loan limits, but the veteran will be required to put down 25% of the amount of the loan that exceeds the county loan limits.
VA loans usually have a funding fee, although some veterans may be exempt from the funding fee. The Funding Fee is calculated by looking at 5 different factors: Loan amount, loan type (Purchase or Refinance), type of service, down payment (if any) and prior VA loan use. Refer to the charts below to see how the VA funding fee varies based on these factors.
| Purchase – First Time Use | ||
| Down Payment | Active Duty/Retired | Guard/Reserve |
| $0 Down | 2.15% | 2.40% |
| 5-10% Down | 1.50% | 1.75% |
| 10% or More | 1.25% | 1.50% |
| Purchase – Subsequent Use | ||
| Down Payment | Active Duty/Retired | Guard/Reserve |
| $0 Down | 3.30% | 3.30% |
| 5-10% Down | 1.50% | 1.75% |
| 10% or More | 1.25% | 1.50% |
| Cashout Refinance | ||
| VA Usage | Active Duty/Retired | Guard/Reserve |
| 1st Time Use | 2.15% | 2.40% |
| Additional Use | 3.30% | 3.30% |
| IRRL (Interest Rate Reduction Loan) | ||
| VA Usage | Active Duty/Retired | Guard/Reserve |
| 1st Time Use | 0.5% | 0.5% |
| Additional Use | 0.5% | 0.5% |