VA Home Loans

The Department of Veterans Affairs (VA) loan program began after World War II to help veterans buy homes. The main goal of this program was to make it easy for veterans to buy a home by not requiring a down payment. The assistance provided by VA is a guarantee of a portion of a mortgage loan used to finance the purchase of a primary home. Each eligible veteran is granted a dollar amount of entitlement, which can be used in place of a down payment, and can result in a loan for 100% of the purchase price.

Features include:

• no down payment requirement 
• no monthly mortgage insurance  
• fixed rate and ARM loans available  
• more flexible qualification guidelines  

There are certain military service requirements that need to be met before someone can be considered for a VA loan.  Generally speaking, WWII, Korean War, and Vietnam War veterans must have at least 90 days of active duty.  Those who served during peacetime periods, between and/or after these wars, must have at least 181 days of continuous active duty.

Click here to see the general rules for eligibility.