A VA Loan is a distinctive loan that is backed by the United States Department of Veteran Affairs. VA loans are eligible to service members and veterans to purchase a home. This loan doesn’t need a massive down payment and in some cases none at all. Veterans may also refinance an existing home to get cash out of their loan or to decrease their current monthly payment.
What Are the Benefits to a VA Loan?
- Low or no down payment
- Lower monthly payments
- Simplified approval process
What Do I Need to Have to Qualify?
- Military members – To be eligible for a VA loan, you must be an active-duty or former member of the armed forces.
- Surviving spouses
- A Certificate of Eligibility from the VA