Since 1944, the Department of Veterans Affairs (VA) home loans have helped generations of veterans and service members build stronger financial futures. As part of its mission to serve them, VA Loan Guaranty Service helps veterans buy, build, repair, retain, or adapt a home for their personal occupancy.
The VA home purchase loan offers several advantages for veterans:
- In most cases, no or limited down payment required by VA (lenders require a down payment in some cases)
- In most cases, no or limited loan limit if the veteran has full entitlement and can meet the lender’s financial guidelines
- No need for Private Mortgage Insurance (PMI)
- Limited closing costs and competitive interest rates compared to other loan programs
- The VA home loan is a lifetime benefit: veterans can use the VA loan guaranty multiple times (with adequate entitlement).
Please see the first blog in VA’s Summer Homebuying Season blog series, which is part of a campaign to help veterans, active duty service members, surviving spouses, caregivers, and the mortgage industry (real estate agents, lenders, servicers) understand this fantastic benefit that truly helps veterans participate in the “American Dream” of owning their own home.
