What is the VA Home Loan?
The VA loan is a great program for veterans and/or their surviving spouses. Interest rates are low, the qualifications are simple and there is never any mortgage insurance. The VA loan program allows qualified borrowers to purchase a home with NO money down! And if you are refinancing, you can do so without any mortgage insurance, even if you need to borrow 100% of your home’s value. Available in 15, 20 and 30 year terms, the VA program gives you the flexibility of designing the right loan for you. And if you don’t plan on staying in your home for a long time or your tendency is to refinance every 4 or 5 years, ARM programs are available.
How do you qualify for a VA Home Loan?
By meeting one of the following conditions:
- You have served 90 consecutive days of active service during wartime
- You have served 181 days of active service during peacetime
- You have more than 6 years of service in the National Guard or Reserves
- You are the spouse of a service member who has died in the line of duty or as a result of a service-related disability
Finally, a veteran applying for a VA Loan must not have been discharged under dishonorable conditions.
Back to Your Options See Your Steps