VA Borrowers


What makes Farris Mortgage different on VA home loans?

In our opinion, military families and veterans should receive a break on closing costs! At Farris Mortgage we waive all underwriting Fees on all of our VA loans, saving the Veteran $850.00. Farris Mortgage also pays 1/2 of a point of the loan amount toward the Veteran's closing cost.

For example, for a loan of $200,000 X .500% = $1,000.00 paid toward your closing cost. Your total savings would be $1,850.00 just in closing costs. We believe veterans deserves this benefit to help them get into the home that they deserve.


What is a VA Loan?

In 1944, the U.S. government created a military loan guaranty program to help returning service members purchase homes. The result, the VA Loan, is a mortgage loan issued by approved lenders such as Farris Mortgage and guaranteed by the federal government. Since its inception, the VA Loan program has helped place more than 20 million veterans and their families into an affordable home financing situation through its distinct advantages over traditional mortgages.

Today, the VA Home Loan program is more important than ever to service members. In recent years, lenders nationwide have tightened their lending requirements in the wake of the housing market collapse, making the VA Loan a lifeline for military homebuyers, many of whom find difficulty when faced with tough credit standards and down payment requirements.

Like all home loans, VA Mortgages have considerable details and information to review. We at Farris Mortgage encourage you to learn about the specifics of this exclusive home loan benefit. We are here to help all Veterans no matter your situation in being a home owner.


VA Loan vs. Traditional Mortgages

Military homebuyers have access to one of the most unique and powerful loan programs ever created. See how the VA Loan compares to a traditional home mortgage:

VA Loans

Conventional Loans

0% Down(for qualified borrowers)

VA Loans are among the last 0% down home loans available on the market today.

5% to 20% Down

Conventional loans generally require down payments that can reach 5% to 20% to secure a home loan, pushing them out of reach for many homebuyers.


Since VA Loans are government backed, banks do not require you to buy Private Mortgage Insurance.

PMI Required

Private Mortgage Insurance is a requirement for borrowers who finance more than 80% of their home's value, tacking on additional monthly expenses.

Competitive Interest Rates

The VA guaranty gives lenders a greater degree of safety and flexibility, which typically means a more competitive rate than non-VA loans.

Increased Risk for Lenders

Without government backing, banks are taking on more risk which, in turn, can result in a less-competitive interest rate on your home loan.

Easier to Qualify

Because the loan is backed by the government, banks assume less risk and have less stringent qualification standards for VA Loans, making them easier to obtain.

Standard Qualification Procedures

Conventional options hold stricter qualification procedures that can put homeownership out of reach for some homebuyers.