Veterans Administration Loans (VA)
About VA Home Loans
VA helps Service members, Veterans, and eligible surviving spouses become homeowners. As part of our mission to serve you, we provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy.
VA Home Loans are provided by private lenders, such as banks and mortgage companies. VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms.
Purchase Loans help you purchase a home at a competitive interest rate often without requiring a down payment or private mortgage insurance. Cash Out Refinance loans allow you to take cash out of your home equity to take care of concerns like paying off debt, funding school, or making home improvements.
Interest Rate Reduction Refinance Loan (IRRRL): also called the Streamline Refinance Loan can help you obtain a lower interest rate by refinancing your existing VA loan.
Native American Direct Loan (NADL) Program: helps eligible Native American Veterans finance the purchase, construction, or improvement of homes on Federal Trust Land, or reduce the interest rate on a VA loan.
Adapted Housing Grants: help Veterans with a permanent and total service-connected disability purchase or build an adapted home or to modify an existing home to account for their disability.
Other Resources: many states offer resources to Veterans, including property tax reductions to certain Veterans
The length of your service or service commitment and/or duty status may determine your eligibility for specific home loan benefits.
Purchase Loans and Cash-Out Refinance: VA-guaranteed loans are available for homes for your own personal occupancy. To be eligible, you must have a good credit score, sufficient income, a valid Certificate of Eligibility (COE), and meet certain service requirements.
Interest Rate Reduction Refinance Loan (IRRRL): The IRRRL is a "VA to VA" loan, meaning it can only be applied to refinance an existing VA loan. An IRRRL can be done only if you have already used your eligibility for a VA loan on the property you intend to refinance.
Native American Direct Loan (NADL) Program: The NADL program helps Native American Veterans purchase, construct, improve, or re-finance a home on Native American trust lands. Your tribal organization must participate in the VA direct loan program. You must have a valid Certificate of Eligibility (COE) and meet certain service requirements.
Adapted Housing Grants: VA helps Veterans with certain total and permanent disabilities related to your military service obtain suitable housing with either a Specially Adapted Housing (SAH) or Special Housing Adaptation (SHA) grant
How to Apply
Purchase Loan & Cash-Out Refinance: VA loans are obtained through a lender of your choice once you obtain a Certificate of Eligibility (COE). You can obtain a COE through eBenefits, by mail, and often through you lender.
Interest Rate Reduction Refinance Loan: A new Certificate of Eligibility (COE) is not required. You may take your Certificate of Eligibility to show the prior use of your entitlement or your lender may use our e-mail confirmation procedure in lieu of a certificate of eligibility.
Adapted Housing Grants: You can apply for an SAH or SHA grant by either downloading or completing VA Form 26-4555 (PDF) and submitting it to your nearest Regional Loan Center, or completing the online application.
Advantages of doing a VA loan
- 100% financing
- No monthly MI
- Debt to income ratio up to 41%
- Loan amounts up to 417,000 with no down payment
- Streamline refinance with little documentation (IRRRL)
- Loan back by Government