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What is a VA Loan?

Since the end of World War II, more than 14 million veterans have bought homes with the aid of VA loans guaranteed by the U.S. Department of Veterans Affairs (VA). The VA loan program is in part responsible for homeownership by veterans significantly exceeding that of the general population. Over 80 percent of veterans own homes whereas roughly 68 percent of the general population owns their own home. A remarkable feat since over 80 percent of its loans are to veterans whose limited financials prevent them from obtaining conventional loans.

The Veterans Administration does not lend money, it merely guarantees lenders that in the unlikely event of a borrower default, and the VA will cover the loss. Over the past ten years, the cost to the taxpayers due to VA loan subsidies has been essentially zero.

VA Loan Features:

• No down payment

      • No PMI• Not a one-time opportunity. VA loans may be used multiple times.


VA Loans Available For:

      • Existing homes • Condo's • Manufactured homes • Mobile homes • 1 - 4 unit residences • Construction loans • Refinance • VA loans offered as fixed and adjustable rate mortgages• VA loans have a feature enabling anyone; veterans and non-veterans alike to purchase a home having an existing VA loan and assume the payments. This assumability feature makes VA loans obtained during periods of low interest rates a popular selling feature of homes with VA loans when current market rates are above the existing rate on the VA loan.


VA Loan Eligibility

You may be eligible for a VA loan if one or more of the following apply:

• Member of the Armed Forces on or after Sept 16, 1940.

    • Member of the Armed Forces Reserves or National Guard. • Widowed spouse of a veteran who died while in service or from a service disability.• Spouse of a serviceperson missing in action or a prisoner or war. • United States citizen who served in the armed forces of a government allied with the United States in WWII. • Member of certain organizations such as Public Health Service Officers,cadets at the United States Military Academies,officers of National Oceanic & Atmospheric Administration, merchant seaman with WW II service and others.