VA

What is a VA loan?

Many veterans and service personnel are eligible for VA financing. Even though a veteran may have already used their loan benefits, it may be possible for them to buy homes again with VA financing using remaining or restored loan entitlement.

VA (Veteran Administration) loans are made by a lender and do not require a down payment or mortgage insurance.

VA’s guaranty on the loan protects the lender against loss if the payments are not made, and is intended to encourage lenders to offer veterans loans with more favorable terms. The amount of guaranty on the VA loan depends on the loan amount and whether the veteran used some entitlement previously.

With the current maximum guaranty, a veteran who hasn’t previously used the benefit may be able to obtain a VA loan up to $417,000, depending on the borrower’s income level and the appraised value of the property.

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