VA helps Servicemembers, Veterans, and eligible surviving spouses become homeowners. As part of our mission to serve you, we provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy.
VA Home Loans are provided by private lenders, such as banks and mortgage companies. VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms.
Benefits
Purchase Loans help you purchase a home at a competitive interest rate often without requiring a downpayment or private mortgage insurance. Cash-Out Refinance loans allow you to take cash out of your home equity to take care of concerns like paying off debt, funding school, or making home improvements.
Interest Rate Reduction Refinance Loan (IRRRL): Also called the Streamline Refinance Loan can help you obtain a lower interest rate by refinancing your existing VA loan.
Native American Direct Loan (NADL) Program: Helps eligible Native American Veterans finance the purchase, construction, or improvement of homes on Federal Trust Land, or reduce the interest rate on a VA loan.
Adapted Housing Grants: Help Veterans with a permanent and total service-connected disability purchase or build an adapted home or to modify an existing home to account for their disability.
Here’s how it works:
- When purchasing a home, Veterans may borrow up to 100% of the sales price or reasonable value of the home, whichever is less. VA loans do not require private mortgage insurance (PMI).
- When refinancing a home or even paying off a conventional mortgage, Veterans may borrower up to 100% of the appraised value as well as obtain cash-out with no requirement for private mortgage insurance (PMI).
- VA streamline refinance programs are also available (VA IRRRL) when paying off and refinancing an existing VA loan. For more on this program click HERE.
- A VA funding fee applies to those which are not exempt (this fee may be financed) and is based off a percentage of the loan amount and paid to the VA. A schedule of these funding fees can be found HERE.
