Loan Types VA
The U.S. Department of Veterans Affairs (VA) offers VA-backed loans to veterans, active-duty personnel, reservists/National Guard members and some surviving spouses. When the loan is approved, the VA will guarantee part of it. The amount of the VA's guarantee usually depends on the size of the loan.
A VA-guaranteed loan can be used to buy a home, manufactured home or condominium; buy a lot for a manufactured home; build, repair or improve a home (including energy-efficient improvements); or refinance an existing loan. These loans can also be used for rate and term refinancing or cash-out refinancing of a primary residence.
Important benefits of VA loans include:
- Little or no down payment required
- Competitive interest rates
- Easier qualification requirements
- Borrower does not have to pay for private mortgage insurance
For more information about VA loans, talk to one of our experts.