The VA Loan program was designed to help Service members, Veterans, and eligible surviving spouses become homeowners. As part of VA's mission to serve, VA provide a home loan guaranty benefit and other housing-related programs to help buy, build, repair, retain, or adapt a home for your own personal occupancy.
The VA program was created by the original G.I. Bill (Servicemen’s Readjustment Act of 1944). The VA-Guaranteed Home Loan program has helped generations of Veterans, Service members, and their families enjoy the dream of home ownership and the opportunity to retain their homes in times of temporary financial hardship.
The VA home loan guaranty is an agreement that VA will reimburse a lender (such as banks, credit unions, mortgage companies, etc.) in the event of loss due to foreclosure. This guaranty takes the place of the borrower's down payment.
Active-duty service members and Veterans with discharges other than dishonorable, National Guard and Reserve service members and Veterans with an honorable discharge, certain eligible spouses, and other uniformed service personnel may be eligible for VA home loan guaranty benefits.
Some General information regarding VA home loan:
• Learn about the basics of home-buying before you shop around
• Apply for your VA home loan Certificate of Eligibility (or apply through your lender)
• Know the additional loan options for VA home loans
• Gather the required documents to provide to your lender
• Some things to know after you close on your loan
Related Topics: Explain Prohibition on mortgage insurance on FHA and VA loans What are FHA loan limits? Loan Limits on Types of Loans What are Conforming and Non Conforming Loans What is "Assumable loan"? What is VA? What is a VA loan? Explain Facts about VA loans What are the Pre-payment requirements, (e.g., FHA, VA, USDA)? What are VA funding fees?