ANSWERS: 1
  • A home loan guaranty program is offered to veterans by the Department of Veterans Affairs as an additional benefit of their military service.

    Eligibility

    Veterans of active duty service are eligible for the home loan guaranty program. Members of the National Guard and Reserves who are no longer serving need six years of service to qualify.

    Guaranty

    The home loan guaranty programs allows the borrower to obtain 100 percent financing without a requirement for private mortgage insurance as the VA essentially guarantees the loan.

    Fees

    There is a funding fee for the VA home loan guaranty that ranges from 1 percent to 3 percent depending on the down payment amount and if it is being utilized for the first time. Waivers are available for Veterans with service connected disabilities and widows of Veterans who were killed in action.

    Application

    Veterans must use a VA approved lender. The lender's credit and income standards will still apply to the loan.

    Reuse

    If the VA loan has been paid off, the Veteran is eligible to use the program again.

    Source:

    Department of Veterans Affairs

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