VA loans are designed for veterans, active-duty military service members and their families who would like to buy a home. Since buying a home is the biggest purchase of someone’s life, we want to make sure veterans are aware of the options and benefits available.
What is a VA Home Loan?
A VA home loan is guaranteed by the U.S. Department of Veterans Affairs and often offers fewer restrictions than other types of mortgages. VA home loans have no down payment, no private mortgage insurance (PMI), and competitive rates.
With the VA home loan option, qualified veterans or active duty personnel can finance up to 100% of the purchase price of their home.
Key Aspects to Remember
No down payment, no PMI,* low-interest rates and generally simpler qualification terms.
Veterans can use basic allowance for housing to pay some or all of their monthly mortgage costs.
The VA home loan allows borrowers to pay off their home loan at any point without having to worry about a pre-payment penalty.
Veterans with conventional home loans now have the option to refinance to a VA home loan, often for a lower rate than a typical refinance.
Active duty personnel
Reservists/National Guard members
Qualified surviving spouses
*VA loans do have a funding fee. The funding fee may be waived if you have a disability. Your banker can provide more information.
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