Created in 1944 to help veterans after World War II, VA (Veterans Affairs) Loans are expressly for current and veteran service members – and eligible spouses – looking to purchase or refinance a home. VA Loans have competitive interest rates and usually require no down payment (loan applicants must meet VA eligibility, however.) The maximum loan amount is $726,200, with no mortgage insurance, and the VA funding fee can be financed into the loan (which can be waived by disabled veterans.)
VA (Veterans Affairs) Loans
What is a VA Loan?
Who is eligible for VA Loans?
VA Loans are for active-duty military or veterans who meets certain service requirements. Spouses of those who served and died, either during active duty or through service-related disability, may also be eligible.
Features
Competitive mortgage rates:
On average, 30-year rates tend to be lower for VA Loans when compared to Conventional or FHA mortgages.
Limited closing costs:
Per the Department of Veterans Affairs, there are limits on fees. For instance, the origination fee can be no more than 1% of the loan amount. Also, the VA funding fee can be financed into the loan (and waived by disabled veterans.)
No down payment or mortgage insurance required:
In many cases, VA Loans require no down payment or mortgage insurance. With the government as a guarantor, this affords veterans greater opportunities to pursue the home of their dreams.
Who is eligible for VA Loans?
VA Loans are for active-duty military or veterans who meets certain service requirements. Spouses of those who served and died, either during active duty or through service-related disability, may also be eligible.
What other loan types are available?
When it comes to loans, you have many more options than you think. Find out about some here:
