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Because You Earned It!

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VA loans are mortgages backed by the Department of Veterans Affairs.

Whether you are looking to buy a home with little to no money down, refinance an existing home to get cash out or lower your monthly payment Meridian Bank is here to help!

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Benefits of a VA Loan

No Money Down

A VA Home Loan finances 100% of the purchase price of a home for a 0% down payment. A conventional mortgage loan could require up to 20% of the purchase price.

Lower Interest Rates

The security of government backing allows lenders like us to offer more competitive rates than possible with non-VA loans.

Easier Qualification

The security of the government backing also means less stringent rules for qualification for your loan.

Lower Closing Costs

The VA limits how much lenders can charge for closing costs and they also set the funding fees.

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How much can I afford?

Accurate calculations can be complicated and dependent on each individual. The best way to estimate your personal monthly payment & closing costs would be to talk with a member of our team directly.

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Frequently Asked Questions

What is a VA home loan?

The VA home loan program is an exclusive benefit to veterans and service members. It is not available to civilians. VA home loans are mortgages backed by the Department of Veterans Affairs (VA). With a VA Loan, eligible service members and veterans can buy a home with little or no down payment, or refinance an existing home to get cash out or a lower monthly payment.

Who is eligible for a VA home loan?

To be eligible for a VA-guaranteed loan, you must meet credit and income standards and have a valid Certificate of Eligibility (COE). We can help you obtain your COE.  The home must also be for your own personal occupancy. You must have been discharged under conditions other than dishonorable and meet these service requirements:

FOR VETERANS

The minimum active-duty service requirements depend on when you served.

WWII (9/16/1940 to 7/25/1947) – minimum 90 days of service

Post-WWII (7/26/1947 to 6/26/1950) – 181 continuous days

Korean War (6/27/1950 to 1/31/1955) – 90 total days

Post-Korean War (2/1/1955 to 8/4/1964) – 181 continuous days

Vietnam War  (8/5/1964* to 5/7/1975) – 90 total days

*For Veterans who served in the Republic of Vietnam, the beginning date is 2/28/1961

Post-Vietnam War (5/8/1975 to 8/1/1990) – 181 continuous days

24-month rule (9/8/1980** to 8/1/1990) – 24 continuous months, OR

  • The full period (at least 181 days) for which you were called or ordered to active duty

**The beginning date for officers is 10/16/1981

Gulf War (8/2/1990 to present) – 24 continuous months, OR

  • The full period (at least 90 days) for which you were called or ordered to active duty

 

FOR ACTIVE DUTY SERVICE MEMBERS

The minimum active-duty service requirement is 90 continuous days.

 

FOR NATIONAL GUARD AND RESERVE MEMBERS

The minimum active-duty service requirements depend on when you served.

Gulf War (8/2/1990 to present) – 90 days of active service

Selected Reserve or National Guard – minimum 6 years of service AND

  • Were discharged honorably, OR
  • Were placed on the retired list, OR
  • Were transferred to the Standby Reserve or an element of the Ready Reserve other than the Selected Reserve after service characterized as honorable, OR
  • Continued to serve in the Selected Reserve

 

If you do not meet the minimum service requirements, you may still be eligible if you were discharged due to (1) hardship, (2) the convenience of the government, (3) reduction-in-force, (4) certain medical conditions, or (5) a service-connected disability.

What type of loans does the VA offer?

VA offers three home loan guarantee programs for Active Duty Service members, Veterans, National Guard members, Reserve members, and certain surviving spouses.

Purchase Loan 

A Purchase Loan can help you purchase a home at a competitive interest rate. Generally, you do not have to make a down payment or buy mortgage insurance to obtain a purchase loan.

Streamline Refinance Loan 

With the VA Streamline Refinance Loan (also called the “Interest Rate Reduction Refinance Loan” or IRRRL) you can obtain a lower interest rate by refinancing your existing VA loan. You can also refinance a VA adjustable rate mortgage (ARM) into a fixed rate mortgage.

Cash-Out Refinance

If you want to cash out your home equity so you can pay other debt, pay for school tuition, or make home improvements, then VA’s Cash-Out Refinance Loan may be an option. The Cash-Out Refinance Loan can also be used to refinance a non-VA loan into a VA loan. VA will guarantee loans up to 100% of the value of your home.

How do I apply for a VA home loan?

Contact us at 877.349.5000 or start your application here. We can typically help establish your eligibility and obtain your COE online in seconds. 

If I already had a VA loan can I get another one?

Yes, in some cases. Normally, if you have paid off your prior VA loan and disposed of the property, you can have your used eligibility restored for additional use. Also, on a one-time only basis, you may have your eligibility restored if your prior VA loan has been paid in full, but you still own the property.

Can Meridian Bank help me with a non-VA loan type?

Yes! Meridian Bank offers many types of loans, including but not limited to VA, USDA, FHA, Conventional, Jumbo, Portfolio, and Home Equity Loans.

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Jon S.

AIR FORCE

Exceptional Service

Bought a house stateside while stationed in Japan so we could move right in. David not only provided unparalleled service but was able to get me a phenomenal rate. I have already recommended him to family and friends. First experience buying a home and it was smooth even being on a 13 hour time difference.

C & J

NATIONAL GUARD

Best Lender to Work With!

If you’re a first time home buyer or using a VA loan then using David is a must. He will help you through everything and will put your mind at ease the whole way. David is incredibly experienced in his role, and he also is very patient in answering questions. He also happens to be one of the nicest people to work with. For a process that is innately stressful, David actually made it feel easy! We are incredibly lucky to have been connected with him and we absolutely give him our highest recommendation!

CJ & Heather

ARMY

Happy 1st time home buyers

My husband and I recently purchased our first home with the VA home loan, and Dave, Jenn and the team were extremely helpful and patient with us through the process. Dave was always very responsive to any questions we had and made us feel at ease. He was actually able to reduce our rate several days prior to closing which was a really nice surprise. We would absolutely recommend Dave!

William & Family

MARINES

Great Experience

This was my second time working with Dave. The first time was in 2016 on a refinance and then this time on the purchase of a new home. Both times I have been impressed …I would highly recommend Dave for your home loan needs.

Hayley M

NAVY

Top Notch!

With an already low rate on our 30 yr fixed, we were skeptical anyone could make a refi worthwhile. But after contacting David, not only was he able to drop our rate… he also shaved years off the loan term!

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