Created as part of the G.I. Bill (Servicemen's Readjustment Act of 1944), the VA-Guaranteed Home Loan Program has helped generations of veterans, service members, and their families achieve homeownership. With this mortgage program, VA borrowers can eliminate or minimize their down payments, pay reduced closing costs, and find support to retain their homes in times of temporary financial hardship.
- One big benefit of a VA loan is that in most cases, a down payment isn't required. It's one of the only loan programs without a required down payment or private mortgage insurance premiums.
- Interest rates and annual percentage rates (APRs) tend to be lower for VA loans than for other loan programs. But individual VA loan rates still depend on your personal finances and homebuying needs. Some factors that can affect your rate include your credit score, the value of the home, and any down payment you make.
Who may be eligible for a VA loan?
- Active-duty personnel of the Air Force, Army, Navy, and Marines
- Veterans of the Air Force, Army, Navy, and Marines
- Certain Reservists and National Guard Members
- Surviving spouses of veterans who died on active duty or died as a result of service-connected disabilities
Certain spouses of active-duty personnel who are:
- Missing In Action
- Prisoner of War
How do I confirm my VA home loan benefit (entitlement)?
Your lender should be able to confirm your VA benefits status. You can also request a COE online on eBenefits using your premium DS Logon account; by calling 1-877-827-3702; or by mail with VA Form 26-1880.
Can I use my VA home loan benefit more than once?
YES! One of the biggest VA misconceptions is that you can only get a VA loan once. But you can qualify for a VA loan multiple times and restore your VA loan benefit (entitlement). You must meet the VA's requirement to restore VA entitlement by one of the following ways:
- Selling the home bought with a previous VA loan and paying back aid the VA loan in full, OR
- Having another qualified veteran assume payment on your loan, substituting their own VA entitlement for the original loan amount, OR
- Repaying the previous VA loan in full, but haven't sold the home you bought with that VA loan (one-time option only)
Source deemed reliable but not guaranteed: https://benefits.va.gov/HOMELOANS/documents/docs/VA_Buyers_Guide.pdf
What can I expect?
The VA offers flexible home lending guidelines, allowing lenders to use manual underwriting when needed. That means a real person (instead of an automated system) may review your loan application, digging deeper into your credit history and finances in the event you don't fit the cookie-cutter mold of computerized underwriting.
What types of VA Home Loans are available?
- A standard VA loan offers up to 100% financing (no down payment). There is no monthly mortgage insurance nor private mortgage insurance required. In some cases, you may need to put more down to qualify for a specific monthly payment.
- Condos that meet VA approval may qualify for VA financing. Contact us to learn more.
Your interest rate stays fixed for the life of the loan.
Your interest rate changes according to a preset schedule.
Popular with first-time buyers, this loan has a minimum 3.5% down payment and low interest rates.
VA Home Loan
Loan for eligible veterans and active-duty service members, with no down payment in most cases.
Shopping for a higher-priced property? Lock in a competitive rate and stable monthly payments on your ultimate dream home.