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VA Home Loans

Purchase & Cash-Out Refinance Home Loans

In Their Own Words - What Home Means

Since 1944, VA and private industry partners have helped deliver the dream of homeownership to generations of Veterans, Servicemembers, and eligible surviving spouses.  Here Veterans describe how the VA Home Loan benefit has changed their lives and what home means.

Purchase Loans:  You can use your VA home loan benefit to purchase or build a home to be owned and occupied by you or an eligible dependent.  Using your VA home loan benefit can help you purchase a home at a competitive interest rate.

Cash-Out Refinance Loans:  You can use the cash out option to refinance an existing first mortgage loan of record on the home you currently own and occupy.  This includes refinancing of construction loans to permanent loans.  You may refinance up to 100 percent of the appraised value, in many cases borrowers wish to use this product to turn their home equity into cash which can be used to make home improvements, fund education, or payoff other debts.

About the VA Home Loan Guaranty

The VA Home Loan Guaranty program assists eligible Veterans, Servicemembers, and certain surviving spouses obtain, retain, and adapt homes. The VA Guaranty acts as a government backing to insure a portion of your loan and provide assistance in some difficult circumstances. If you experience temporary financial difficulties, VA stands ready to work with your servicer to mitigate delinquencies, avoid foreclosures, and provide alternative options if your financial difficulties become long term.

VA Home Loan Advantages

Major advantages of using the VA home loan include:

  • No down payment if the sales price doesn't exceed the appraised value
  • The program allows borrowers to finance up to 100 percent of property value
  • No private mortgage insurance required
  • Limits the amount you can be charged in closing costs by the lender
  • The lender cannot charge you a penalty fee if you pay the loan off early
  • Provides assistance to Veteran borrowers in default due to temporary financial difficulty

You should also know that:

  • You do not have to be a first-time homebuyer to use your home loan benefit.
  • There is no limit to the number to times you can use your VA home loan benefit.
  • VA-guaranteed loans are assumable, as long as the person assuming the loan qualifies.

Remaining Entitlement

If you currently have a VA home loan, you may request a Certificate of Eligibility (COE) to determine whether you are eligible to purchase your next home using the VA home loan benefit.  Remaining entitlement available to those who have previously used their VA home loan benefit, is 25 percent of the county loan limit reduced by the amount of entitlement previously used and not restored. Just as the first use of the VA loan, you are required to make this home your residence when purchasing a home with remaining or restored entitlement. Examples of how to calculate remaining entitlement can be found here.


Learn more about VA Home Loans: