These loans offer tremendous mortgage benefits to active-duty service members, veterans, and some surviving spouses. A VA home loan can be used for many different purposes, including purchasing or building a new home, refinancing a current mortgage, repairing or improving your existing home, or installing home efficiency measures.

Benefits & Eligibility:

• No down payment options are available.
• No monthly mortgage insurance premium required.
• Places limits on the buyer’s closing costs.
• Assumable mortgages are subject to VA approval of the assumer’s credit.
• Penalty-free prepayment.
• Should you experience temporary financial difficulties, the VA extends forbearance and financial counseling to help you avoid losing your home.
• Other requirements and restrictions may apply.

.