Buying a Home

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VA Home Loan

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VA Home Loan Overview:

In 1944, the U.S. government created a military loan program to help active duty service members; veterans and surviving spouses become homeowners by providing easy qualification standards and low interest rates.

In order to obtain a VA Home loan you need to find out your eligibility status. Future borrowers must present a certificate of eligibility (COE) issued by the Department of Veteran Affairs in order to prove they are entitled to special loans. The length of your service and/or duty status may determine your eligibility for home loan benefits. In most cases this is done by your lending institution.

Although the VA does not set a limit on the amount you can borrow, it is important to know that loan limits vary by state and are based on how valuable the home is in the particular state/county you hope to settle down in. 

It is important to note that the VA doesn’t loan funds directly, rather they guarantee a loan with your financial institution.

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VA Home Loan Benefits:

• 100% Financing: Purchase a home with a competitive interest rate without a down payment
• No Private Mortgage Insurance
• Accurate Appraisals
• Home Retention: If the borrower runs into financial trouble, the VA and private lender will work together to help the veteran and its family keep their home.
• Tax relief benefits on the state and local level, especially for veterans with disabilities.

The VA also offers interest rate reduction, cash-out refinance loans and housing grants.

To learn more about VA home loan options or to apply for a COE, click here.

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The VA Guaranteed Home Loan video provides an overview of the VA Home Loan program and how to apply for benefits under this program.

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