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VA Loans

VA Loans or Veteran loans are mortgage loans obtained with the help of the Department of Veterans Affairs. Since the establishment of the VA Loan Guaranty Program in 1955, more than 18 million military members have purchased their homes using VA loans.

The VA pledges to repay about a quarter of ever loan it guarantees in the event of borrower default. This motivates lenders to offer more competitive rates and terms for qualified veterans.

What makes VA loans particularly attractive to military borrowers is the ability to purchase a home with no money down. To acquire a 100% financing of a home purchase is almost impossible these days.

Also, there are less strict standards and requirements than conventional loans and come with no private mortgage insurance (PMI), a monthly expense for conventional borrowers.

Other benefits offered by the VA loans are:

  • No prepayment penalty
  • Lower interest rates
  • Higher allowable debt-to-income rations
  • Sellers can pay up to 6 percent of closing costs and concessions.

If you are an eligible veteran, service member or spouse, there are little reasons NOT to purchase a home with VA loans. However, some veterans that have greater liquidity and assets may find better rates for conventional loans.