VA Home Loans · Maryland & Virginia · NAS Patuxent River Specialist · NMLS #2656628

$0 Down. No PMI. VA Loans for Maryland & Virginia Veterans.

As a retired U.S. Navy veteran who started his career aboard the USS Austin LPD-4 in Norfolk and retired from Dam Neck Naval Station in Virginia Beach, Ken Powell has used his own VA loan benefit, and helped dozens of military families across Maryland and Virginia use theirs.

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Retired U.S. Navy veteranUsed VA benefit personallyNAS Patuxent River specialist$0 down paymentNo PMI ever

Ken Powell

Mortgage Loan Officer · Fairway Home Mortgage

NMLS #2656628 · MD · VA

(240) 237-7855

VA Loan Benefits

Why the VA Loan Is the Most Powerful Mortgage Available.

No other government loan program combines zero down payment, no private mortgage insurance, competitive rates, and a reusable benefit the way the VA loan does.

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$0 Down Payment

Purchase your home in Maryland or Virginia with no money down. No down payment requirement whatsoever for eligible veterans.

$0 Down

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No Private Mortgage Insurance

VA loans never require PMI, saving most buyers $150 to 400/month compared to conventional loans with low down payments.

Saves thousands

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Competitive Interest Rates

VA loans consistently offer some of the lowest available rates, often 0.25 to 0.5% below conventional equivalents.

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Reusable VA Benefit

Your entitlement restores when you sell or pay off a VA-financed home. Use it at every duty station.

Lifetime benefit

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1 to 4 Unit Multifamily

VA loans are eligible for 1 to 4 unit properties. Live in one unit, rent the others, one of the most powerful wealth-building strategies available to veterans.

Investor strategy

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VA Jumbo, Zero Down

Veterans with full entitlement can purchase above the $832,750 conforming limit with no down payment.

High-value homes

PCS'ing to NAS Patuxent River? Start your VA loan now.

PCS timelines are tight. Ken Powell, a fellow veteran, specializes in VA purchase loans for service members relocating to Southern Maryland. He'll pull your COE, work with your BAH orders, and coordinate with local agents. Start 60 to 90 days before your report date.

The Southern Maryland Multifamily Strategy

Buy a 2 to 4 Unit Property With Your VA Benefit. Live in One. Rent the Rest.

This is the single most powerful wealth-building strategy available to active-duty service members near NAS Patuxent River, and it requires $0 down.

How the strategy works

✓Use your VA loan to purchase a 2 to 4 unit property near NAS Pax River
✓Live in one unit as your primary residence (VA requirement)
✓Rent the remaining 1 to 3 units to fellow service members at BAH rates
✓When you PCS, convert the entire property to a rental
✓Use your remaining VA entitlement at the next duty station
✓Repeat at each assignment, building a portfolio with $0 down

Why Southern Maryland is ideal for this strategy

✓BAH rates near NAS Pax River support $2,200 to $3,500+/month rents (3BR)
✓Military rotation creates a built-in, year-round renter pool
✓A and B-class renters, veterans, nuclear plant workers, DoD civilians
✓Low vacancy: St. Mary's and Calvert have limited rental inventory
✓Landlords can be highly selective, charge premium rents
✓59 active rental listings, median rent $2,600/mo (Bright MLS, September 2026)

The Process

Your VA Loan: Certificate of Eligibility to Keys.

Pull Your COE

I pull your Certificate of Eligibility directly from VA, usually in minutes online. No waiting.

Pre-Approval

Full document review. A Fairway Advantage® letter that sellers and listing agents take seriously.

VA Appraisal

VA-assigned appraiser confirms value and MPRs. Adds ~5 to 7 days, worth it for the benefit.

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Close

Keys in hand. VA funding fee financed into loan. No cash needed at closing in most cases.

Using the Benefit Again

A Second VA Loan: What Actually Changes.

If you have remaining entitlement, whether from paying off a prior VA loan, selling a previous property, or never using your full entitlement, you can often use the benefit again. But the math shifts, and it's worth understanding before you plan around it.

The funding fee reality

On a first use, the VA funding fee is typically lower. On a subsequent use without a down payment, the funding fee percentage is generally higher. Veterans with a service-connected disability rating are typically exempt from the funding fee altogether on any use, first or later. Exact percentages change periodically, so I confirm the current fee schedule before you plan a strategy around it.

Why it's often still worth it

The higher funding fee on a second purchase is usually a small cost relative to the long-term equity and rental income a well-chosen property produces, especially a 2 to 4 unit purchase where rental income offsets the financed fee over time. This is exactly the number I sit down and run with clients before they make an offer.

For Senior Veterans

Your Home Equity Can Fund a Second Property, or Just a Better Retirement.

If you're 62 or older, own your home outright or have substantial equity, a reverse mortgage (HECM) can turn a single paid-off asset into something more, whether that's a second income-producing property or simply a mortgage-free month with more breathing room.

Equity into a second property

A portion of your home's equity, drawn out through a reverse mortgage on your primary residence, can go toward purchasing a second, rental-generating property. Instead of one home passed to heirs, there can be two, one carrying a reverse mortgage balance, one producing income. This is illustrative, not a guarantee, and the numbers should be run for your specific situation.

Or just fund the retirement you earned

Not every senior veteran wants a second property, and that's fine. A reverse mortgage doesn't require reinvestment. For many, the real value is eliminating a monthly mortgage payment and freeing up equity for property taxes, family, travel, or a financial cushion, without drawing down retirement savings.

More on reverse mortgages for Maryland & Virginia homeowners →

Want the Full Playbook?

Turning Your VA Loan Benefit Into Long-Term Wealth, a free guide covering multi-unit purchases, the PCS cycle, second VA loans, and reverse mortgages for senior veterans, written by Ken from experience.

Get the Free Guide →

FAQ

VA Loan Questions from Maryland & Virginia Service Members.

Can I use my VA loan if I already own a home?+

Yes, if your prior VA loan is paid off, your entitlement is fully restored. If not, you may have remaining entitlement available. I'll calculate your exact entitlement during our initial call.

What is the VA funding fee?+

A one-time fee ranging from 1.25% to 3.3% of the loan amount, financed into the loan. Veterans with a service-connected disability rating of 10% or higher are completely exempt. Surviving spouses of veterans who died in service are also exempt.

Does a second VA loan cost more than the first?+

Often, yes. Without a down payment, the funding fee percentage is generally higher on a subsequent use than a first use. Veterans with a service-connected disability rating are typically exempt regardless of how many times they've used the benefit. I confirm the current fee schedule for your specific situation before you plan a strategy around a second purchase.

Can a reverse mortgage help me buy a second property?+

For senior veterans (62+) with substantial home equity, a reverse mortgage on the primary residence can free up a portion of that equity toward a second, income-producing property. It's a real strategy worth understanding, not a fit for everyone, and the numbers should be run for your specific situation before deciding.

Can I buy a rental property with a VA loan?+

VA loans require primary residence occupancy, but 1 to 4 unit multifamily properties are eligible. You live in one unit and rent the others. When you PCS, the whole property becomes a rental.

I'm PCS'ing soon, can I start before I have orders?+

Yes. Many lenders require official orders but I can begin the pre-approval process, pull your COE, and get your file fully underwritten so you can move immediately once orders come.

What credit score do I need for a VA loan?+

The VA doesn't set a minimum. Most Fairway programs require 580 to 620+. For competitive rates, 640 to 680+ is ideal. We have programs for borrowers rebuilding credit as well.

Does a VA loan take longer to close?+

Not significantly. The VA appraisal adds approximately 5 to 7 business days. With a well-prepared file, most VA purchases close within standard 30 to 45 day timelines.

Do you only help veterans in Southern Maryland?+

No. While our office is based in Hughesville and we have deep experience with the Southern Maryland market near NAS Patuxent River, we're licensed and active throughout all of Maryland and Virginia, including the DMV, Northern Virginia, and Hampton Roads. Wherever your orders send you, we can help.

VA Offer Strategy

The VA Benefit Is More Than a Zero-Down Headline.

Fairway's VA program guide highlights no monthly mortgage insurance, flexible underwriting features, gift funds and seller-paid closing cost possibilities within VA rules. Your entitlement, funding-fee status, occupancy and property condition still need to be verified for the actual transaction.

Funding Fee Review

I verify whether the borrower may be exempt from the VA funding fee rather than assuming it applies.

Seller-Paid Costs

VA offers useful flexibility around seller-paid allowable costs and concessions. The contract should be structured with the specific VA rules in mind.

Gift Funds

Eligible gift funds can be part of the cash-to-close plan when properly documented.