VA Home Loan Benefit! Why this is a great mortgage for Veterans!

VA helps Servicemembers, 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.

Main pillars of the VA home loan benefit
No downpayment required
(*Note: Lenders may require downpayments for some borrowers using the VA home loan guaranty, but VA does not require a downpayment)
Competitively low interest rates
Limited closing costs
No need for Private Mortgage Insurance (PMI)
The VA home loan is a lifetime benefit: you can use the guaranty multiple times.

Purchase Loans Help you purchase a home at a competitive interest rate often without requiring a downpayment 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.

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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. Learn More

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Foreclosure Avoidance Assistance: VA provides financial counseling to help Veterans avoid foreclosure during periods of financial difficulty. Learn More

State Resources: Many states offer resources to Veterans, including property tax reductions to certain Veterans. Learn More

VA Loan Overview Podcast: Listen to a podcast about the benefits of VA Home Loan program and helpful tips about owning a home.

[christianhuffman]

Just applied for a 300k 30 years at 6.125% waiting for the approval. As an e2 money will be tight but me and my families future will be worth it !!!

[jayb]

I glad I came across your page and greatly appreciate the valuable information you bring to us Vets! Please keep up the good work and stay safe.

[mr.constitution]

Glad I refinanced a year and a half ago and got a 2.75% interest rate! That's unheard of now.

[mousec]

Good info. You're among the best.

[EdwardBerry-ldxl]

What state and city are you in??? Really good square footage vs cost of home

[doc]

Great info, do you need to be 100 p&t for that pmi refund. Stay well

[inked_icons]

How’d you get your points so cheap? Thought it was usually 1% of the loan per point (0.25%). This is overall a great post and should be a Reddit thread haha

[clarencealexander]

Do I have to have a certain % disability to be able to get the 1% funding fee waived/refunded?

[AskDrAIJames]

They have the no down payment but you still can't get a loan if you're credit score isn't high. So it's not that great.

[gruntymunky]

Im buolding a 5500sq ft 6car garage on 1 acre for 1504 a month. U might be saying bs, welp bucko thats where ur wrong. Va loan with credit score put me 2.5% under market before starting at 5.5%. Then u do a apr buy down for 5k to drop it 2 points. Now im getting a 5500 sq ft home built for 380k and since no pmi no property tax for disabled veterans up to 46k a year with new home builds and im only paying a grand total of 1600 a month. Get rekt nerds.