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VA Loans: Mortgage Loans for Veterans
by rebuildcreditscores.com
by rebuildcreditscores.com
No Down-Payment
Most VA loans do not require any down-payment, have lower interest rates and are fairly easy
to qualify for.
Maximum Loan Limits
The VA does not have a maximum loan amount; however, since lenders sell loans on the
secondary market, they generally limit loans to $417,000 or $625,500 in high-cost areas
Eligibility Requirements
The VA will determine your eligibility and issue a certificate if you comply with the requirements
but primarily active and former members of the armed forces, Reservists and National Guard
members who have served at least six years, even widows, provided the spouse's death was
service related, may be eligible. See VA for more specific requirements. (www.homeloans.va.
gov)
Benefits of VA Loans
Most VA loans do not require any down-payment, have lower interest rates and are fairly easy
to qualify for.
Maximum Loan Limits
The VA does not have a maximum loan amount; however, since lenders sell loans on the
secondary market, they generally limit loans to $417,000 or $625,500 in high-cost areas
Eligibility Requirements
The VA will determine your eligibility and issue a certificate if you comply with the requirements
but primarily active and former members of the armed forces, Reservists and National Guard
members who have served at least six years, even widows, provided the spouse's death was
service related, may be eligible. See VA for more specific requirements. (www.homeloans.va.
gov)
Benefits of VA Loans
- Loans are assumable, provided the person assuming the loan is qualified.
- No Prepayment Penalty.
- Buyer closing costs are limited by the VA.
- No monthly mortgage insurance premium (PMI).
- Assistance from the VA is available if veterans encounter problems making mortgage
payments.
- Various loan options: fixed rate, adjustable rate, graduated payment and growing equity.
- Purchase a home including townhouse or condominium unit in a VA approved project.
- Build a new Home.
- Purchase and Improve a home simultaneously.
- Home Improvements related to energy efficient features like solar heating and cooling,
insulation, water heaters, weather-stripping, storm windows and doors, and other energy
efficient products. These features may be added with the purchase of an existing home
or by refinancing a home owned and occupied by the veteran.
- Refinance an existing home loan up to 90 percent of the VA established value or to
refinance an existing VA loan to reduce the interest rate.
- To purchase a manufactured home and/or lot.
Basic Features of a VA Loan:
VA loans are available to active and former
members of the armed forces who meet
certain criteria for length and time of service.
These loans are guaranteed by U.S.
Department of Veterans Affairs.
The Department of Veterans Affairs does
not originate the loans but they do
guarantee the loans made by lenders.
The guaranty replaces the protection the
lender normally receives by requiring a
down payment allowing you to obtain
favorable financing terms.
members of the armed forces who meet
certain criteria for length and time of service.
These loans are guaranteed by U.S.
Department of Veterans Affairs.
The Department of Veterans Affairs does
not originate the loans but they do
guarantee the loans made by lenders.
The guaranty replaces the protection the
lender normally receives by requiring a
down payment allowing you to obtain
favorable financing terms.
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