VA loans are a powerful home financing tool for past and present military service members.
If you are an active military member, veteran, or qualified service family member, a VA loan may be the best way to purchase a home. Backed by the U.S. Department of Veterans Affairs, VA loans have significant advantages in regards to down payment, credit score, and mortgage insurance requirements. Borrowers can also use a VA loan to refinance their current interest rate or take cash-out.
No down payment required – In order for 100% financing, the sales price must be the same or lower than the home’s appraised value.
Attractive terms and interest rates – Lower rates than conventional financing.
No mortgage insurance is required – With a VA loan, neither private mortgage insurance (PMI) or a mortgage insurance premium (MIP) is required.
VA Loan FeaturesHere's why an VA Loan may be right for you.
- 0% down for qualified borrowers
- No mortgage insurance
- Easier to qualify than conventional loan
- Purchase and refinance options
- No pre-payment penalty
Find answers to some of the most common questions about VA Loans.
You may be eligible for a VA loan by meeting one or more of the following requirements:
- You have served 90 consecutive days of active service during wartime
- You have served 181 days of active service during peacetime
- You have 6 years of service in the National Guard or Reserves
- You are the spouse of a service member who has died in the line of duty or as a result of a service-related disability
A VA loan can be used to obtain pretty much any type of home, such as a standard house, condo, townhouse, or a manufactured home. You can also use a VA loan to build or improve a home.