A VA loan makes home ownership more affordable for qualified U.S. veterans, thanks to no-money-down options and favorable terms. VA home loans are provided by lenders, and the VA guarantees a portion of loans for veterans so they can qualify for an attractive financing package. The Veterans Benefits Administration (VA) provides this benefit to qualified veterans to finance a home purchase, and there are several VA loan programs to choose from.
VA Mortgage Loans
These mortgage loans are especially attractive to...
No money down
Qualified borrowers may be able to finance up to 100% of the purchase price with no downpayment required on certain VA loan products.
No mortgage insurance
The VA does not require monthly mortgage insurance. A funding fee is generally required for all transactions
Interest rate reduction refinance option
Refinancing your existing VA loan into a new one with lower interest or terms is available with minimal documentation
No down payment options
Qualified U.S. veterans may be able to receive financing for the entire loan amount.
No penalties for prepayment
VA Loans do not have any penalties for early payments.
No mortgage insurance requirements
The Veterans Benefits Administration does not require monthly mortgage insurance. However, a funding fee is generally required for transactions.
Options for Fixed and Adjustable Rate Mortgages
Borrowers have options for both fixed and adjustable rates.