Single-family homes, VA-approved condominiums and new construction are all eligible for the VA Loan; however, the homebuyer must occupy the home as their primary residence. Investment and vacation homes are not eligible.
Understanding the VA Home Loan
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.
The VA Loan's popularity is attributed to the money-saving benefits, such as no required down payment, no private mortgage insurance and requirements that are less-stringent than those of conventional mortgage options.
These benefits, along with many others, make VA Loans one of the most powerful mortgage programs available today.
Types of VA Loans
Available for single-family homes, building a new home, VA approved condominiums or refinancing a current mortgage - VA Loan or otherwise.
Guaranteed by the VA
The Department of Veterans Affairs backs a portion of each home loan, giving lenders the ability to offer competitive rates and terms.
No Money Down
A front-runner among VA Home Loan benefits is the fact that there is no required down payment, as well as no mortgage insurance premiums.
Exclusive Benefit
The VA Loan is only available to veterans, active service members and eligible military spouses as a benefit of your service to our country.
Basic Service Requirements
- Served on active duty for 90 days during conflict
- Served on active duty for 181 days during peacetime
- Served a minimum of six years in the Reserves or National Guard
- Are the spouse of a service member who died due to a service related injury
VA Loan Eligibility
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 occupancy guidelines.
Homes purchased with a VA Mortgage must be the homeowner’s primary residence and properties can include single-family homes, condominiums and new construction. Additionally, the VA Loan cannot be used as a business loan, and rental property and vacation homes are not eligible.
Frequently Asked VA Loan Questions
We’ve helped thousands of families learn about the VA Home Loan process and have seen our fair share of questions along the way. We have listed a few of the most common below; however, if your question isn't answered, please contact us at 888-258-6879.
For a complete list of VA Loan questions and answers see here.
