VA Loans

VA Loans

A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs and issued by a private lender, such as a bank, credit union or mortgage company. VA loans are a specialized loan product made available to veterans, service members and select military spouses. When borrowers apply for a VA loan, they will need to provide a certificate of eligibility from the VA.
A VA loan allows eligible active-duty service members, veterans and eligible surviving spouses to finance a home with zero down payment. VA loans can provide up to 100% financing on the value of a home. Eligible borrowers can use a VA loan to purchase or build a home, improve and repair a home, or refinance a mortgage.

With VA loans, veterans, service members, and their surviving spouses receive competitive rates, typically lower than conventional loan rates. Another benefit of VA loans is that borrowers are not required to have private mortgage insurance.

Additional benefits of VA loans include:

  • Closing costs are limited and may be paid by the seller.
  • There is no prepayment penalty if the borrower pays off the loan early.
  • Assistance is available from the VA to help borrowers avoid