The VA home loan is available to servicemembers, veterans, and some surviving spouses. It can be used for a number of purposes, including purchasing or building a new home or specially adapted housing, refinancing a current mortgage, repairing or improving your existing home, or installing home efficiency measures. In the VA Loans section you will find reference information on the VA Loan program, financial advice on how to best use your benefit, and up-to-date news coverage for servicemembers and veterans regarding their guaranteed home loan benefit.
You’ve earned the benefit of saving with a VA loan
- Are you a veteran, member of the military, or a surviving spouse of a veteran?
- Do you want fast approval and minimal red tape?
- Are you interested in refinancing up to 100% of your home, or buying a home with no down payment?
If you answered “yes” to any of these questions, a VA loan might be right for you! Qualify for VA loans even with less-than-perfect credit. Unlike other options, VA loans are available as either fixed-rate or ARM mortgages – and never include monthly insurance (PMI).
Contrary to what many Americans think, it's a very good time for servicemembers to refinance or purchase a home. With mortgage rates continuing to hover at all-time lows and many homes selling at significantly discounted prices, it's possible for those with good credit and income to purchase a great home.
One of the unique benefits afforded to military personnel is access to the Veterans Affairs Home Mortgage Loan program. This program offers tremendous mortgage benefits to active-duty servicemembers, veterans, and some surviving spouses. A VA home loan can be used for a number of purposes, including purchasing or building a new home, refinancing a current mortgage, repairing or improving your existing home, or installing home efficiency measures.
- The VA program won't deny a loan based solely on a low credit score, and most lenders don't tier interest rates for better scores. The VA program usually looks at only the previous 12 months of credit history, unless bankruptcy, a tax lien or a collections situation factors into your situation.
- The VA home mortgage loan doesn't require a down payment. This can save consumers up to 20 percent of the loan value when compared to a conventional loan.
- Borrowers can often refinance to a lower rate within the VA program without re-qualifying for the program through the VA Streamline Refinance Loan.
- If the borrower has a service-related disability, they may qualify for the lender to waive the funding fee, further reducing closing costs.