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Home Loans

Since 1944, VA has backed more than 22 million home loans for veterans and their families, allowing them to become homeowners. VA provides a home loan guaranty benefit and other housing-related programs to help buy, build, repair, retain or adapt homes. VA Home Loans are provided by private lenders, such as banks and mortgage companies, and VA guarantees a portion of the loan, enabling the lender to provide more favorable terms. 
 
You can use a VA-guaranteed loan to buy your next home, either existing or pre-construction, or refinance an existing loan. Generally, you are eligible if you are a: 

  • Veteran who meets length of service requirements 
  • Service member on active duty who have served a minimum period 
  • Reservists and National Guard member (in certain cases) 
  • Surviving spouse of a deceased veteran (in certain cases) 

Advantages of a VA Home Loan 
A VA-guaranteed home loan offers many advantages, including: 

  • Equal opportunity for all qualified veterans to obtain a VA loan 
  • Reusable 
  • No down payment (unless required by the lender or the purchase price is more than the reasonable value of the property) 
  • No mortgage insurance 
  • One-time VA funding fee that can be included in the loan 
  • Veterans receiving VA disability compensation are exempt from the VA funding fee 
  • VA limits certain closing costs a veteran can pay 
  • Can be assumed by qualified persons
  • Minimum property requirements to ensure the property is safe, sanitary and sound 
  • VA staff dedicated to assisting veterans who become delinquent on their loan 

For more information, visit the VA website

To read more about eligibility rules, visit https://www.va.gov/housing-assistance/home-loans/eligibility/.

VA Home Loan Guaranty Buyer’s Guide

If you are a realtor and want to learn more about how you can be of service to a veteran, visit  https://www.benefits.va.gov/homeloans/realtors.asp