VA Loan & Mortgage Loans for Veterans

Overview

Facts & Figures

If you’re Active Military, a Veteran, Reservist, National Guard member or an unmarried surviving spouse, you may be eligible for a VA Home loan from PNC.

Fixed and adjustable rate terms are available.
Little to no down payment is required.
Fixed loan terms range between 15 and 30 years.
Guaranteed by the Department of Veterans Affairs.
No private mortgage insurance required (VA Funding Fee is required).

Cost & Fees

Typically these fees range from 2% to 6% of the loan amount.

Read "What If I Can't Afford Closing Costs?"

VA Loan FAQ

Factors that determine how much you will be qualified to borrow
Credit History	Specific credit requirements vary based on a range of criteria including loan-to-value, debt-to-income ratios, previous credit history, and assets used to qualify for the loan.
Debt-to-Income Ratio	Debt-to-income (DTI) ratios measure how much of a client’s income is allocated to repaying debt obligations. To help prevent clients from overextending themselves financially, PNC considers DTI ratios when reviewing applications for mortgage loans. To calculate an estimate of your DTI ratio, simply divide your total monthly debt payments (including your future monthly house payment) by your total monthly gross (pre-tax) income. It is typically recommended to keep your DTI ratio at or below 36%. However, certain products and programs may allow for a higher DTI ratio based on the different loan characteristics. A PNC Mortgage Loan Officer will help determine your specific DTI ratio requirements.

Mortgage Calculators

Comparing loan options? Just looking for how much you can borrow? Use our home lending calculators to understand your refinancing options and help you decide.

How Much Can I Afford?

Home Affordability Calculator

How Much Could My Fixed Rate Mortgage Payments Be?

Fixed Rate Payment Calculator

View All Mortgage Calculators

Mortgage Process Guide

Understand the basics before you start the mortgage process.

Credit Score Basics

When you buy or refinance, your credit score is one of the first things a lender looks at. It helps them determine if you qualify for a loan, and what interest rate they can offer you.

Factors that affect your Credit Score:

Length of Credit History
Amounts Owed
Payment History
New Credit
Types of Credit Used
Derogatory Credit

Your credit score reflects how reliable you are as a borrower and is determined by your overall borrowing and repayment history to credit card companies and other lenders.

Factors that Determine Your Rate

Lenders start with the par rate, then look at your risk profile to determine what rate they will offer you.

Rates are usually based on a combination of the following factors:

Down Payment
Loan terms
Loan to Value Ratio (The percentage of the lesser of the sales price/appraised property value that is borrowed from a bank or lender. A down payment of 20% would create a loan-to-value of 80% *State specific rules may apply).
Points
Loan Product
Debt-to-Income Ratio

Escrow Basics

An Escrow Account on your loan allows PNC Mortgage to make payments for certain bills related to your property, such as real estate property taxes, homeowners insurance, flood and other property related insurance, mortgage insurance and lease payments. Homeowners are generally required to have an escrow account until a certain loan to value ratio is met.

Escrow Payment– That portion of a mortgagor's monthly payments held by a lender or servicer in an account to pay taxes, homeowners insurance, mortgage insurance, lease payments, and other property related items as they become due. Also called impounds or reserves in some states.

Escrow Analysis– The periodic examination of escrow accounts to determine if current monthly deposits will provide sufficient funds to pay taxes, insurance, and other bills when due.

Your annual Escrow Analysis Statement contains all the information you need to understand your previous and projected mortgage payments.

Getting Pre-Approved^[1]

Learn how this simple step could help you get the home you want.

House hunting? Getting pre-approved by a mortgage lender can be a smart move, because you'll:

Know in advance exactly how much you can borrow, so you won’t waste time looking at out-of-reach properties
Be able to better estimate monthly mortgage payment and budget around it
Show real estate agents and sellers that you're serious – giving yourself an advantage over other buyers

You can receive a fully verified pre-approval letter in just 2 days.^[2]

Or start the process with a pre-approval

Mortgage Application Checklist

Use this list to gather what you need to apply for a home loan

To apply for a home loan, you’ll need to provide information about your income, assets and debts, plus any circumstances that may impact your ability to repay.

Be prepared to provide some or all of the items below:

Income Verification

Pay stubs for the last 30 days.
W-2 forms for the last two years.
Child support/alimony – Child support agreement and/or divorce decree and/or 12 months of canceled checks.^[3]
Award letter/1099 for social security, pension and disability.

If You Are Self-Employed

Signed, completed tax returns for the past two years, including personal, partnership, and corporate, if applicable, including all schedules.
Year-to-date business profit and loss statement for current year, if more than 120 days have passed since the end of business tax year.
Current balance sheet.

Assets: Sources of Funds/Down Payment

Original bank statements for the last two months, including savings, checking, and investment accounts.
Stocks and securities account statements for the last two months.
Closing Disclosure or Listing Agreement if using funds from the sale of property.
Sale of asset – proof of ownership, proof of sale, and proof of funds transfer.
For gift funds – a gift letter, evidence of transfer, and sometimes evidence of withdrawal.

Payment History

Cancelled rent or mortgage payment checks for the past 12 months, if not available on credit report.
Copy of land contract, if applicable.
Child support/alimony – Child support agreement and/or divorce decree and/or 12 months of canceled checks.
Bankruptcy/Consumer Credit, if applicable.

Additional Information, If Applicable

Purchase agreement, including any and all addenda.
Explanation of discrepancies on credit

I've Submitted My Application- Now What?

Once you’ve submitted your home loan application, it’s important to understand what to expect along the way. Your PNC Mortgage Loan Officer and home lending team will assist you from application through the closing process.

Here’s the steps you will go through:

Step 1: Loan application Submitted

Step 2: Loan Estimate and Intent to Proceed

Step 3: Submitting Documentation

Step 4: Loan Decision (if approved, then go to Step 5)

Step 5: Final Approval

Step 6: Closing

For a more detailed version of these steps, please check out the Application Through Closing article.

Payment Methods	Main Details	How To Use
PNC Online Banking	Make a payment to your account using PNC Online Banking. You can schedule one time or recurring payments.	Navigate to PNC Online Banking and select your account. Click Make a Payment on your account activity screen to schedule a payment.
Automated Payments	Enroll in the Automated Payment Program and have your monthly payment automatically deducted from your deposit account.	Download, complete, and return the Automated Payment Authorization form using the instructions on the form OR call 1-888-970-2818 to have the form emailed to you to be submitted electronically.
Bi-Weekly Automated Payments	Enroll in the Bi-Weekly Automated Payments Program and have half of your monthly mortgage payment automatically deducted every 2 weeks from your deposit account.	Download, complete, and return the Bi-Weekly Automated Payment Authorization form to the address or fax number listed on the form, or to your local PNC branch.
Pay by Phone - Voice Banking^[4]	Make a one time, same day payment using our Voice Banking service.	Pay over the phone with Voice Banking by calling 1-888-970-2818. If paying from a non-PNC deposit account, have your account number and routing number available.
In-Branch Payment	Make a payment at any PNC Branch.	Visit a PNC Branch during normal branch hours to make a payment. The payment is effective as of the date the payment is made, although it may take up to 2 business days for the payment to be reflected on your account.
Mail Your Payment	Make a payment to your account by mail. Customers residing in AK, AZ, AR, CA, CO, HI, ID, IA, KS, LA, MN, MS, MO, MT, NE, NV, NM, ND, OK, OR, SD, TX, UT, WA, or WY: Address for regular mail payments: PNC Mortgage Payments PO Box 31001-2929 Pasadena, CA 91110-2929 Address for overnight mail payments: PNC Bank c/o Pasadena Tech Center 465 N Halstead St Ste 160 Pasadena, CA 91107	Send a check in the mail along with the payment slip provided at the bottom of your monthly billing statement. If you do not have a statement, please make sure to write your PNC account number on your check. Customers residing in AL, CT, DE, DC, FL, GA, IL, IN, KY, ME, MD, MA, MI, NH, NJ, NY, NC, OH, PA, PR, RI, SC, TN, VT, VA, WV, or WI: Address for regular mail payments: PNC Mortgage Payments PO Box 771021 Chicago, IL 60677 Address for overnight mail payments: PNC Bank 350 East Devon Ave Itasca, IL 60143

Need More Information?

From first mortgage to home equity, from setting up your online account to payment processing – explore the Understanding Home Lending Center to find the answers you need.

We Are a Trusted Partner

Whether you need a mortgage pre-approval^[1] or help after the closing, we’re available online, on the phone or face-to-face in your neighborhood branch. Here’s what you can expect from us:

Pre-approval Services – So you can house hunt with confidence knowing how much you can afford.
Online Application Support - Our digital mortgage application lets you track and update your application, through every step of the approval process.
Service After the Closing – We’re with you every step of the way. We service most of our customers’ home mortgage loans.

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VA Loan: Home Loan Options for Veterans

Home loan options for Active Military, Veteran, Reservist, National Guard or Unmarried Surviving Spouses.

Current Rates

Overview

Facts & Figures

Cost & Fees

VA Loan FAQ

Top customer questions about VA loans.

I served in the military, how do I know if I am eligible for this loan?

What will my rate be?

How much can I borrow?

How is my rate determined?

Mortgage Calculators

How Much Can I Afford?

How Much Could My Fixed Rate Mortgage Payments Be?

Mortgage Process Guide

Understand the basics before you start the mortgage process.

Financial Basics

Getting Pre-Approved

Mortgage Application Checklist

After You've Applied

Calculate: Estimating Closing Costs

Making Your Payments

Need More Information?

We Are a Trusted Partner

Whether you need a mortgage pre-approval[1] or help after the closing, we’re available online, on the phone or face-to-face in your neighborhood branch. Here’s what you can expect from us:

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VA Loan:
Home Loan Options
for Veterans

Whether you need a mortgage pre-approval^[1] or help after the closing, we’re available online, on the phone or face-to-face in your neighborhood branch. Here’s what you can expect from us: