What are VA home loans?
VA home loans are government-insured loans, guaranteed by the Department of Veterans Affairs. VA loans help qualified veterans, reservists and active-duty service members purchase a home. These loans feature more flexible lending guidelines and lower down payment options than other types of loans available. If you qualify for a VA Loan, you must apply through an approved lender. Countrywide is one of the top lenders for VA-insured loans.
VA Home Loan Features
No down-payment option for loans of up to $417,000 for qualified veterans
Flexible qualification requirements – less stringent debt, credit and income guidelines than conventional loans
Department of Veterans Affairs insures the loan, eliminating the need for private mortgage insurance (PMI)
Choice of fixed or adjustable rate loans
Eligibility Requirements for VA Home Loans
To take advantage of VA Home loans, you must meet the eligibility requirements set by the Department of Veterans Affairs. To confirm eligibility, please contact the Department of Veterans Affairs at 1-800-827-1000 or read the General Rules for Eligibility.
VA Home Loans – Eligible Loan Purposes
By law, eligible veterans are authorized to use VA home loans for certain types of purchase and refinance. Below is a short list of eligible loan purposes for VA home loans:
To purchase or build a residence, which will be owned and occupied by the veteran
The residential property can consist of up to 4 family units (some exceptions apply)
To refinance an existing VA-guaranteed loan for lower interest rate
To refinance an existing mortgage on a home that’s owned and occupied by the veteran
For additional information about eligible loan purposes, please consult the VA home loan guide or call one of our knowledgeable loan advisors at 1-800-909-8217 for a FREE consultation.
How to apply for VA home loans?
Call us now at 1-800-909-8217 and one of our experienced loan advisors can help you start the VA loan process.
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