Do you qualify for a VA home loan? These veteran benefits in the GI Bill of Rights provide veterans with a federally guaranteed mortgage with no down payment. VA home loans are made by private lenders, such as banks, savings & loans, or mortgage companies.

VA LOAN RATES

National Averages for September 2, 2014

30 YEAR FIXED

3.95% Rate
3.96% APR

15 YEAR FIXED

2.875% Rate
3.0% APR
* disclosures

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- Veteran Documents -

Certificate of Eligibility
and DD-214

GET A VA HOME LOAN

What is a VA Loan?

VA Loan Guidelines

The VA Loan became known in 1944 through the original Servicemen's Readjustment Act also known as the GI Bill of Rights. The GI Bill was signed into law by President Franklin D. Roosevelt and provided veterans with a federally guaranteed home with no down payment. This feature was designed to provide housing and assistance for veterans and their families, and the dream of home ownership became a reality for millions of veterans. The GI Bill contributed more than any other program in history to the welfare of veterans and their families, and to the growth of the nation's economy.

With more than 25.5 million veterans and service personnel eligible for VA financing, this loan is attractive and has many advantages. Eligibility for the VA loan is defined as Veterans who served on active duty and have a discharge other than dishonorable after a minimum of 90 days of service during wartime or a minimum of 181 continuous days during peacetime. There is a two-year requirement if the veteran enlisted and began service after September 7, 1980 or was an officer and began service after October 16, 1981. There is a six-year requirement for National guards and reservists with certain criteria and there are specific rules concerning the eligibility of surviving spouses.

VA will guarantee a maximum of 25 percent of a home loan amount up to $104,250, which limits the maximum loan amount to $417,000. Generally, the reasonable value of the property or the purchase price, whichever is less, plus the funding fee may be borrowed. All veterans must qualify, for they are not automatically eligible for the program.

VA guaranteed loans are made by private lenders, such as banks, savings & loans, or mortgage companies to eligible veterans for the purchase of a home, which must be for their own personal occupancy. The guaranty means the lender is protected against loss if you or a later owner fails to repay the loan. The guaranty replaces the protection the lender normally receives by requiring a down payment allowing you to obtain favorable financing terms.

VA LOAN ARTICLES

Read About Veteran Mortgage News, Updates, and Guidelines
Which VA Refinancing Loans Require Occupancy?

If you have an existing VA home loan, you already know about the VA occupancy requirement for these loans. But some home owners are confused when it comes to these rules when it’s time to refinance the mortgage.

VA Loans for Guard/Reserve Members

Are you a member of the National Guard or are a Reservist interested in using your VA home loan benefits? Do you know what the basic eligibility requirements for using your VA loan benefits are?

VA Home Loans in Separate States?

Borrowers interested in buying a home with a new purchase VA mortgage are required to certify that they will live in the home personally and that the property is to be used for their personal occupancy.

VA Benefit Updates for Same Sex Couples and Joint Loans

This update to VA home loan rules includes a warning for same-sex married couples who may be eligible for VA mortgage loans. Since not all states recognize same-sex marriages, VA loan procedures and requirements may depend on the location of the borrower.

VA Loans For Non-Home Use?

In general, VA loan rules don’t allow for personal loans or other credit for uses other than buying a home. The VA loan program only guarantees new purchase home loans or refinancing loans.