Whether you are active duty, retired from the military, or a military spouse who meets certain requirements, you could be eligible for a VA home loan. These loans offer competitive rates and terms to assist qualified military members with purchasing a home.
VA home loans are partly guaranteed (typically a quarter of loan value) by the U.S. Department of Veterans Affairs and offer advantages, including:
- No down payment
- Higher loan to value
- No private mortgage insurance
- Limit on closing costs
- Option for seller to pay closing costs
- No penalty fee for early payoffs
- Possible financial assistance
Who’s eligible?
- Active duty service members
- Honorably discharged veterans
- Surviving spouses
- National Guard and Reserve
Types of loans available:
- VA 15- and 30-year fixed rate loans
- VA Adjustable-rate mortgages
- VA jumbo loans
- Cash-out refinancing
- VA Interest Rate Reduction Refinance Loan (IRRRL)
- VA Renovation
VA Renovation Loan Benefits:
- Roll renovation costs into one loan and one monthly payment
- Start repair work immediately after closing
- Potentially increase home value with improvements
- Find any range of homes with loan amounts up to $1 million
Disclaimer: Grand Lending is not affiliated with an agency of the federal government, HUD or FHA.