The VA Home Loan is a mortgage option – exclusively for veterans, service members and surviving spouses – that is guaranteed by the U.S. Department of Veterans Affairs and issued by approved lenders. Since the program’s inception in 1944, the VA has guaranteed more than 20 million home loans.
The popularity of the program has spurred from money-saving benefits, such as no required down payment, no private mortgage insurance and VA Loan guidelines that are less-stringent than those of conventional mortgage options.
In fact, a majority of those who use the VA Loan may not have qualified for conventional financing. This advantage, along with those mentioned above, make VA Loans one of the most powerful mortgage programs available today.
To be considered eligible for the VA Loan, potential homebuyers must meet the lender's credit and income standards, as well as the VA's basic service requirements and residency requirements.
Homes purchased with a VA Mortgage must be the homeowner’s primary residence, and can range from a single-family home, condominium or new construction home; however, potential borrowers should note that VA Mortgages are home loans, not VA business loans, which means rental property and vacation homes are not eligible.
The VA Home Loan has been in existence since 1944, serving over 20 million veterans and service members along the way.
In the over 70 year spam, the program has become a shining beacon, forging ahead on its mission of making homeownership possible for the brave men and women who serve our country.