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The Veterans Administration home loan guaranty benefit helps you buy, build, repair, retain or adapt a home. VA home loans are provided by private lenders such as banks and mortgage companies, with VA guaranteeing a portion of the loan. This gives the homebuyer more favorable terms.


Who’s eligible


Active duty personnel;

Current or former reservists/National Guard members; and

Some surviving spouses.


The benefits

Purchase a home at a competitive interest rate often without requiring a down payment or private mortgage insurance, which gives you more savings;

Cash-out refinance options allow you to take out cash out of your home equity to take care of concerns like paying off debt, funding school, or making home improvements;

If you have a service-related disability, you may qualify for waived funding fee, reducing closing costs;

Borrowers can often refinance to a lower rate within the VA program without re-qualifying for the program; and

You can reuse the benefit.


How to apply

You can apply for a VA loan with any mortgage lender that participates in the VA home loan program with a certificate of eligibility from VA.


There are limits that determine the VA’s maximum guaranty amount for a loan. Generally, you can get a loan up to $417,000 with no money down and up to $1,094,000, in some high-cost places.


For More Information: USA TODAY