The Veterans Administration (VA) Loan Program was created to assist eligible members of the armed services obtain quality home loans. These loans are insured by the Veterans Administration and are widely considered a valuable military benefit. VA loans do not require any down payment and offer attractive loan terms. The lending guidelines and maximum loan amounts for these loans are set by the VA. The lending requirements are considered lenient and account for the unique circumstances of active duty military personnel.
Benefits of the VA Loan Program:
- No down payment required
- No monthly mortgage insurance premiums
- Lenient qualification guidelines allow for approval of higher loan amounts
- VA loans are assumable for qualifying borrowers
- Sellers may pay up to 4% of the sales price towards prepaid costs or to pay off personal debts of the veteran, in addition to any closing costs
- The VA Streamline refinance program allows veterans to refinance with reduced costs and no appraisal or verification of income and assets