The United States Department of Veterans Affairs (VA) offers benefits to eligible veterans and active service members, making a VA home loan a great option for purchasing or refinancing an existing mortgage. Because the VA insures up to 25% of a VA loan, lenders are able to offer favorable benefits and loan terms to borrowers who qualify for the program.
These benefits include:
No down payment required.
No penalty to pre-pay or to refinance your VA home loan at any time.
No mortgage insurance premiums to pay.1
Flexible credit standards.
Options available to tailor your mortgage to your specific situation.