VA Home Loans

The Veteran Affairs home
loans guarantee program

To give back to these United States military individuals, the US Department of Veteran Affairs has developed the VA home loans program, a program designed to make home ownership more affordable. 

Features of a VA Home Loan

  • Borrowers may choose from a 15, 20 or 30-year fixed rate loan or may opt for a 5-year adjustable rate mortgage loan
  • Primary homes may be purchased with no down payment, and there is no private mortgage insurance required.
  • Jumbo loans are offered for those wishing to buy a more expensive residence, and borrowers may obtain up to $1,094,625 in the continental United States or $1,500,000 in Alaska and Hawaii.
  • The refinance process has been streamlined and borrowers find there are flexible documentation requirements and a reduced funding fee when they currently have a VA loan
  • Those looking to obtain cash from a refinance loan may obtain up to $235,000 cash-out. Individuals may refinance the value of their primary home.
  • The United States Department of Veterans Affairs governs the VA home loans program

Eligibility

Many factors play a role in whether an individual is eligible for a VA Home loan. The service commitment or length of service is one, with the character of service and duty status being others. Purchase loan or cash-out refinance loans are available to those who plan to occupy the residence. A spouse or dependent of an active duty service member may also apply for this type of loan. Borrowers must have satisfactory credit, enough income to meet the monthly payments, and a valid Certificate of Eligibility, or COE.
Those wishing to obtain an Interest Rate Reduction Refinance Loan must have an existing VA guaranteed loan, while individuals applying for the Native American Direct Loan program need a COE. In addition, the tribal organization must participate in the loan program. Adaptive Housing Grants are available only to those who have a permanent and total disability, and the grant may come in the form of either a Specially Adapted Housing or Special Housing Adaptation grant. The Specially Adapted Housing grant is to build a home, remodel an existing home, or to pay down the unpaid principal mortgage balance of a home that has already been adapted without VA grant assistance. The Special Housing Adaptation grant is to adapt an existing home, one the veteran wishes to purchase, or one that has already been adapted in this manner.

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