What the programme is about
The Department of Veterans Affairs (VA) Home Loan program backs loans made to eligible Veterans, Servicemembers, Reservists, National Guard members, and certain surviving spouses.
VA backs up a portion of the loan. This makes it possible for the Veteran to get a mortgage with no down payment and a competitive interest rate that doesn’t require private mortgage insurance.
Loans backed by the VA can also be refinanced. Go to Home Loan Interest Rate Reduction Refinancing to find out what you need to do to take part in the program.
VA encourages eligible Veterans, Servicemembers, Reservists, and National Guard members to meet with several lenders to find the best mortgage terms for their needs and situations. This is the best way to get the best financing.
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People who might be able to get VA-backed loans are:
- Members of the Reserve and National Guard (called to active duty)
- Servicemembers on active duty
- Members of the Reserve and Guard right now (after six years of creditable service)
- Certain surviving spouses
For a Veteran or Servicemember to be eligible, he or she must have been discharged under other than dishonorable terms and have served for the required amount of time.
For a VA home loan, the Veteran, the Veteran’s spouse, or a dependent child must certify that they will live in the home.
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Getting an application
You need a valid Certificate of Eligibility to apply (COE). You can get your COE in a few different ways:
- Through eBenefits, you might be able to get a COE.
- If you can’t get your COE through eBenefits, talk to your lender about it. Most of the time, your lender can use the Automated Certificate of Eligibility (ACE) program to get a COE for you.
Visit the Home Loans website to find out more about this program.
There are no pre-payment penalties and the interest rate is based on the market. No loan term can be longer than 30 years. No maximum loan amount.
How to get in touch
If you have questions:
- Visit the Inquiry Routing and Information System (IRIS) website to look through the Frequently Asked Questions or to ask a question online.
- If you have specific questions, please get in touch with a Regional Loan Center.
|Max Loan Length||30 years|
|Max Loan Amount||None|
|Fees||VA Funding Fee|
Source Link: https://www.govloans.gov/loans/
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