VA Loans: Your Complete Purchase Guide
Get the most out of your hard-earned benefit with the necessary tools to navigate your VA home purchase or refinance.
A VA Loan Purchase is a type of mortgage backed by the U.S. Department of Veterans Affairs (VA), designed to help veterans, active-duty military members, and eligible surviving spouses buy a home with favorable terms. Similar to what Veterans United offers, a VA loan provides numerous benefits to those who qualify.
Key Benefits of a VA Loan Purchase:
- No Down Payment: Qualified buyers can purchase a home without needing to put any money down, which is a significant advantage compared to conventional loans.
- No Private Mortgage Insurance (PMI): Unlike conventional loans, VA loans do not require private mortgage insurance, which can save borrowers a substantial amount over time.
- Competitive Interest Rates: VA loans often offer lower interest rates compared to conventional loans, as the government guarantees a portion of the loan, reducing risk for lenders.
- Limited Closing Costs: The VA limits the amount of closing costs veterans and service members can be charged.
- Flexible Credit Requirements: VA loans are generally more flexible when it comes to credit score requirements, making it easier for veterans with less-than-perfect credit to qualify.
VA Loan Eligibility:
To qualify for a VA loan, you must meet at least one of the following conditions:
- Active Duty: You are currently serving in the military.
- Veteran: You have served at least 90 consecutive days during wartime or 181 days during peacetime.
- National Guard/Reserve: You have served more than 6 years in the Reserves or National Guard.
- Surviving Spouse: You are the spouse of a service member who died in the line of duty or as a result of a service-related disability.
See How much you can afford
VA Mortgage Affordability Calculator
Max Home Price: $0