Home Loan for Regular Purchase
- Listed: February 18, 2019 8:14 am
- Expires: 998111 days, 23 hours
Description
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Program Description
The Department of Veterans Affairs (VA) Home Loan program guarantees loans made to eligible Veterans, Servicemembers, Reservists, National Guard members and certain surviving spouses.
VA guarantees a percentage of the loan. This helps the Veteran obtain a no-down payment mortgage at a competitive interest rate that does not require private mortgage insurance.
VA-guaranteed loans may also be refinanced. Go to Home Loan Interest Rate Reduction Refinancing to see the program requirements.
To obtain the most advantageous financing, VA encourages eligible Veterans, Servicemembers, Reservists, and National Guard members to meet with several lenders to determine the best mortgage terms to meet individual needs and circumstances.
Program Requirements
Persons who may qualify for VA-guaranteed loans include:
- Veterans
- Reserve and National Guard members (called to active duty)
- Active duty Servicemembers
- Current Reserve and Guard members (after six years of creditable service)
- Certain surviving spouses
To be eligible, the Veteran/Servicemember must have been discharged under conditions other than dishonorable and meet the length of service requirements.
As a requirement for a VA home loan, the Veteran, the Veterans’ spouse, or dependent child must certify occupancy for the property.
Loan Terms
Market Interest Rate, VA funding fee, and no pre-payment penalties. Maximum loan term cannot exceed 30 years. No maximum loan amount.
Application Process
To apply, you will need a valid Certificate of Eligibility (COE). There are several ways to obtain your COE:
- You may be able to obtain a COE online through eBenefits.
- If you are unable to obtain your COE through eBenefits, check with your lender. In most cases, your lender will be able to obtain a COE for you using the Automated Certificate of Eligibility (ACE) program.
For more information on this program, please visit the Home Loans website.
Contact Information
If you have questions:
- Visit the Inquiry Routing and Information System (IRIS) website to search Frequently Asked Questions or ask a question on-line.
- Please contact a Regional Loan Center if you have detailed questions.
To apply for additional benefits and view your benefit status, open an eBenefits Premium account. eBenefits is a one-stop source for information on Department of Defense and Department of Veterans Affairs benefits and services. With a free Premium level eBenefits account, Veterans, Servicemembers and their family members can conduct self-service transactions such as checking compensation and pension claim status information, enrolling in GI Bill, and obtaining copies of civil service preference letters, military records (DD214), and other personal information. For further information and to register for a free Premium level account, visit the eBenefits website.
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