VA mortgages are one of the best home loan programs for military members who are looking to purchase a primary residence or refinance a current mortgage. Backed by the U.S. Department of Veterans Affairs, these mortgages are available to qualified active-duty military members and veterans. Here are some benefits and reasons a VA loan is a great option for home seeking veterans compared to conventional and other government mortgage programs.

• The VA program won't deny a loan based solely on a low credit score, and most lenders don't tier interest rates for better scores. The VA program usually looks at only the previous 12 months of credit history.
• VA home mortgage loan doesn't require a down payment. This can save you up to 20 percent of the loan value when compared to a conventional loan.
• You can often refinance to a lower rate within the VA program without re-qualifying for the program.
• If you have a service-related disability, you may qualify for the lender to waive the funding fee, further reducing closing costs.

You can begin the application process at any lender that offers a VA home loan. At some point, you'll be required to obtain a Certificate of Eligibility. This document will verify that you're qualified for the program and outline your benefits level. Potential borrowers can go online to apply for the program and obtain their COE.

If you’re interested in a Conventional or Jumbo VA Loan, Hawaiian Tel Federal Credit Union can help. They have branches throughout Oahu and one on Maui for your convenience. Since chartering 81 years ago, this credit union has been committed to helping Hawaii residents achieve their financial dreams. Follow their Facebook, Twitter, and Instagram for news and updates, or call the credit union at 832-8700 on Oahu or toll-free at (800) 272-5255 with any questions.