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VA Loans

WHAT IS A VA-GUARANTEED LOAN?

A VA-guaranteed loan can be used to:
• buy a home, either existing or pre-construction, as a primary residence
• refinance an existing loan

WHO IS ELIGIBLE?

Generally, the following people are eligible:
• Veterans who meet length of service requirements
• Service members on active duty who have served a minimum period
• Certain Reservists and National Guard members
• Certain surviving spouses of deceased Veterans

BENEFITS OF A VA-GUARANTEED LOAN:

• Equal opportunity for all qualified Veterans to obtain a VA loan
• Reusable
• No down payment (unless required by the lender or the purchase price is more than the reasonable value of the property)
• No mortgage insurance
• One time VA funding fee that can be included in the loan
• Veterans receiving VA disability compensation are exempt from the VA funding fee
• VA limits certain closing costs a Veteran can pay
• Can be assumed by qualified persons
• Minimum property requirements to ensure the property is safe, sanitary, and sound
• VA staff dedicated to assisting Veterans who become delinquent on their loan

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