The path to homeownership can be challenging for military families, whose sacrifices include moves, deployments and other uncertainties. With VA loans, the U.S. Department of Veterans Affairs (VA) is helping make housing affordable for eligible veterans.
If you are a current service member or veteran, keep reading to learn more about VA home loans and the process for buying a home using a VA home loan.
What Is a VA Home Loan?
The U.S. Department of Veterans Affairs guarantees VA loans to make housing affordable to eligible U.S. veterans.
You can apply for a VA loan with any mortgage lender that participates in the VA Home Loans Program.
What Are the Benefits of a VA Home Loan?
- Reusable. You can use your loan over and over again.
- Flexible. You can have more than one loan at a time.
- Versatile. You can use the loan to purchase a home with another veteran or non-veteran.
- No down payment is required.
- No private mortgage insurance (PMI) is required.
- Assumable. You can transfer your loan.
- Lower rates. Because your loan has a government guaranty, you can enjoy lower rates.
What Are the Basic Requirements for VA Loan Approval?
- You must be an eligible veteran with available entitlement. You also need a valid Certificate of Eligibility.
- You must occupy the property as a primary residence within a reasonable period after the loan closes.
- You must be a satisfactory credit risk.
- Your income must be shown to be stable and sufficient to meet the mortgage payments and cover the cost of owning a home.
- The loan must be for an eligible purpose.
What Is the VA Home Loan Buying Process?
If you have any questions during the process that your lender can't answer, you can contact Veterans Affairs through the VA Loan Center in your region. Find contact information for your regional loan center.
To learn more about the VA home loan program, use our free educational guide in our suite of financial capability and homeownership education resources designed for active service members and veterans, CreditSmart® Military.
Designed for active service members and veterans, the CreditSmart Military Financial Readiness module is a financial education resource that can help you learn how to manage your money, avoid financial schemes that target military families and understand the VA home loan program.Learn more