Name: VA Loans
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A VA home loan (also known as a Department of Veterans Affairs home loan) is one of the most useful military benefits. If you qualify, you can buy or build a home, or refinance an existing home mortgage, with as little as $0 down, great rates and financing with no mandated cap. Another benefit over traditional mortgages is that there is no PMI (Private Mortgage Insurance, the monthly insurance fee charged to protect the bank until you reach at least 20% equity).For most service members and veterans who qualify, a VA loan is one of their most valuable benefits and a no-brainer over other, traditional mortgage types. This section offers an in-depth explanation of the VA loan process and instructions on how to submit an application.A VA loan makes home-buying more affordable for millions of veterans and active service members.While VA Loans are issued by private lenders they are backed by the U.S. Department of Veterans Affairs, which is why they can be offered oftentimes with little to no down payment and no PMI. Since 1944, the VA has helped over 25 million military men and women purchase homes using the VA loan mortgage program, according to VA statistics.Are you eligible to use a VA loan? If you have served on active duty for at least 90 days or met a variety of other service benchmarks created for Guard and Reserve members, the answer is likely “yes.”Read more about VA loan eligibility.Like any mortgage process, obtaining a VA home loan has a variety of important steps you must work through before you can get the keys to your dream home. Since the VA home loan is only the type of loan not who the loan is sourced from, the very first thing you need to do is find a VA home loan lender and get a no-obligation rate quote.Learn more about the VA loan process.VA loans are some of the only loans remaining that offer no down payment. With conventional loans, the buyer is required to provide up to 20% down, which can often make it too difficult to purchase the right type of home for your family. Since with a VA home loan there's no private mortgage insurance, this can save hundreds of dollars a month over conventional loans, depending on how much you borrow. Because the VA loan is backed by the government, the rates are often much better than a conventional loan, which will save you a considerable amount of money over the life of your home loan. Lastly, the VA home loan has a more lenient lending policy, allowing you to qualify for a VA loan when you might not meet all the requirements for a traditional loan.The VA offers a variety of loan program options, including purchase and refinance mortgages, rehab and renovation loans and energy efficiency mortgages. Here’s an overview of the VA loan options.Nearly every VA loan comes with a VA Funding Fee. This fee goes directly to the Department of Veterans Affairs and helps back the VA loans of the future. Not everyone has to pay the fee, such as military men and women with a service-related disability. Fees range from a little over 2% for first-time VA loan recipients, to 3.3% for repeat home buyers. The good news is you can roll this fee into your loan amount.In addition, closing costs are less, and often the seller can pay these costs, too.Learn more about VA home loan costs.In the past, the VA capped the amount of money available for a VA home loan. But as of 2020, the VA no longer mandates loan limits. That means you can buy the home you need through your VA home loan benefit.The amount you can qualify for varies depending on a number of factors. One of the biggest factors is your debt ratio. It helps to determine the amount you can afford to pay each month. Here's the scoop on how to calculate what you qualify for with a VA loan.If you're ready to move forward, or just want more information, the first step is to get no-obligation rate quotes.Get instructions on how to confirm and document your VA loan eligibility here.You can use your VA loan for a regular mortgage, but did you know you can also use it for refinancing and other purposes?From selecting a lender all the way to closing costs, we walk you through the VA loan application process.Have a question about the VA loan program or process? We address the most common ones here.Here we've gathered extensive resources on VA loans, including info on regional loan centers, as well as general loan and mortgage tips.My ProfileArmy Home PageMy ProfileNavy Home PageMy ProfileAir Force Home PageMy ProfileMarines Home PageMy ProfileCoast Guard Home PageMy ProfileSpace Force Home PageMy ProfileNational Guard Home PageMy ProfileSpouse Home PageMy ProfileNews Home PageGive me more benefit content and other military content to my inbox.By signing up, you agree to our Privacy Notice.View more newsletters on our Subscriptions page.Verify your free subscription by following the instructions in the email sent to:Please enable JavaScript to view this element.View moreIRRRL stands for Interest Rate Reduction Refinancing Loan,also known as a "Streamline" or a "VA to VA" loan.A significant benefit of military service is the VA home loan, allowing you to purchase a home with no down payment or refinance a home.These VA Home Loan FAQs ensures Military.com members are fully prepared to take advantage of this exclusive benefit.A distinct advantage of using your VA loan is that you may not have to pay some of the additional fees normally paid at...How to secure a VA loan and all of the benefits that go along with it in an easy, step by step guide for active duty...

A VA home loan (also known as a Department of Veterans Affairs home loan) is one of the most useful military benefits. If you qualify, you can buy or build a home, or refinance an existing home mortgage, with as little as $0 down, great rates and financing with no mandated cap. Another benefit over traditional mortgages is that there is no PMI (Private Mortgage Insurance, the monthly insurance fee charged to protect the bank until you reach at least 20% equity).For most service members and veterans who qualify, a VA loan is one of their most valuable benefits and a no-brainer over other,...

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