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 Loans are especially attractive to…
- U.S. veterans looking to buy or refinance a primary residence
- Borrowers with limited savings for downpayment and closing costs
- Low-to moderate-income borrowers
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
Fixed and ARM rate options
Borrowers have several options to lock in attractive VA mortgage rates with terms that meet their needs.
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 prepayment penalties
Refinance, pay the full loan balance off, or make larger monthly payments at any time with no early payment fees.