VA Loans

VA Home Loans in (VT) Vermont

Mansfield Mortgage is your local expert on VA loans in Vermont. VA loans are mortgage loans in the United States guaranteed by the U.S. Department of Veterans Affairs (VA) and can be utilized by United States veterans, service members and spouses. VA loans may only be issued by qualified lenders. Contact Mansfield Mortgage to learn more and apply for a VA mortgage loan!


A few words about VA loans. One, we love working for our Veterans. Two, this is, hands down, the best mortgage loan product available if you do not have the full 20% down payment when you go to buy your first home or fourth home. 100% financing with NO PMI? We have done plenty of these loans through the VA since we began in 2008.

Please see below for additional details on VA loans. However, it is easiest to give us a call with questions.

We will even help you obtain your COE through the VA.

The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses (provided they do not remarry). The basic intention of the VA direct home loan program is to supply home financing to eligible veterans in areas where private financing is not generally available and to help veterans purchase properties without having to make a down payment. Eligible areas are designated by the VA as housing credit shortage areas and are generally rural areas and small cities and towns not near metropolitan or commuting areas of large cities.

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The VA loan allows veterans 103.3 percent financing without private mortgage insurance or a 20 percent second mortgage and up to $6,000 for energy efficient improvements. A VA funding fee of 0 to 3.3% of the loan amount is paid to the VA; this fee may also be financed. In a purchase, veterans may borrow up to 103.3% of the sales price or reasonable value of the home, whichever is less. Since there is no monthly PMI, more of the mortgage payment goes directly towards qualifying for the loan amount, allowing for larger loans with the same payment. In a refinance, where a new VA loan is created, veterans may borrow up to 100% of reasonable value, where allowed by state laws. In a refinance where the loan is a VA loan refinancing to VA loan (IRRRL Refinance), the veteran may borrow up to 100.5% of the total loan amount. The additional .5% is the funding fee for an VA Interest Rate Reduction Refinance.

VA loans allow veterans to qualify for loan amounts larger than traditional Fannie Mae / conforming loans. VA will insure a mortgage where the monthly payment of the loan is up to 41% of the gross monthly income vs. 28% for a conforming loan assuming the veteran has no monthly bills.

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