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VA Home Loans: Benefits, Features, Types, Coverage

VA Home Loans: Benefits, Features, Types, Coverage

VA Home Loans

Military homebuyers, veteran service members, and eligible spouses surviving a service member may purchase or refinance a home under the unique VA home loan program. This powerful loan program allows home borrowers the benefit of home ownership with no money down and competitive interest rates. Because loans are government backed, banks and private lending institutions assume less risk making it easier to qualify for a mortgage. For current homeowners, the opportunity to negotiate better loan terms and take cash out of the home exists as well.

Conventional home loans require more stringent qualifications since there is no guarantee that the money will be paid back. Large down payments and private mortgage insurance necessary to “guarantee” the loan put home ownership out of reach for many military homebuyers.

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