What is a VA loan? How does a VA loan work? VA home loan eligibility VA home loan pros and cons Types of VA loans How to apply for a VA loan VA loan FAQ Key takeaways VA loans are mortgages guaranteed by the U.S. Department of Veterans Affairs, available to eligible vet...
VA loans can be a great way to finance a home purchase, but they're not an option for everyone. If you are eligible, you'll need to get your COE in order, prep your documents, and start researching VA lend...
VA loans are issued by private lenders and guaranteed by the Department of Veterans Affairs. If the borrower defaults on the loan, the VA guarantees repayment of a portion of the loan to limit the lender’s losses. The VA guarantee reduces lenders’ risk when issuing loans, allowing them to...
How VA Loans Compare to Other Loan Types VA loans differ from conventional loans and other loan programs in several ways, the biggest being that VA loans don’t require a down payment. This typically makes VA loans a great option for people who are short on cash or don’t want to trade...
No PMI requirement: Another great benefit of VA purchase loans is that you don’t have to pay any private mortgage insurance, even if you decide not to put any money down. Flexible credit and qualifying requirements: While conventional loans have strict credit score requirements, VA purchase loa...
Joint VA loans allow you to go in on a home loan with multiple borrowers if one has VA entitlement. Learn more about this loan and how to qualify.
» MORE: Government home loans How many times can you use a VA home loan? Getting a VA loan isn’t a one-time deal. After using a VA mortgage to purchase a home, you can get another VA loan if: You sell the house and pay off the VA loan. You sell the house, and a qualifie...
VA loan preapproval, also called initial approval, works similarly to preapproval for other types of home loans. The preapproval process lets lenders review your finances so you know how much house you can afford. Since not everyone qualifies for a VA loan you’ll need to show you’re a ...
How does a VA loan work? VA loans are backed by the Department of Veterans Affairs. The government, however, doesn’t issue funds — it only guarantees the loans. This insurance provides extra security for lenders, which allows them to offer veterans more flexibility with VA loan requirements...
How to Apply for a VA Loan If you’re ready to apply for a VA loan online, follow these steps: Find a VA-approved lender:Not every lender is qualified to offer VA loans. Look for one approved by the VA, such as Assurance Financial. ...