The VA Home Loan Program has helped over 18 million veterans and active duty service members achieve homeownership since 1944. After over 65 years of service, the VA Home Loan Program remains one of the most progressive lending programs on the market continually striving to offer military members exclusive benefits they wouldn’t be able to find with other conventional lending programs.
The Department of Veterans Affairs does not own each VA loan, but they do insure part of each VA loan allowing VA-approved lenders greater lender confidence. This greater lender confidence, grants VA lenders the opportunity to provide eligible military members with low interest rates and flexible loan terms. In addition to these money saving perks, other benefits of a VA loan include:
- No Mortgage Insurance Required
- No Down Payment
- Regulated Closing Costs
The VA’s guarantee also allows VA loans to have higher loan limits than other lending programs in the same class. Eligible military members may secure a loan up to $417,000 in most areas of the United States, while those wishing to purchase a home in a more expensive real estate market can secure a loan up to $1,094,625.
VA loans are generally easier to qualify for as well. Many military members and veterans who secure a VA home loan would not have been able to secure financing through a conventional loan.