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VA Guaranteed Home Loans for Veterans
The main purpose of the VA home loan program is to help veterans finance the purchase of homes
with favorable loan terms and at a rate of interest which is competitive with the rate charged
on other type of mortgage loans. For VA housing loan purposes, the term "veteran" includes
certain members of the Selected Reserve, active duty service personnel and certain categories
of spouses.
This pamphlet should help you to understand what VA can and cannot do for the home purchaser.
However, it is not a legal document and should not be interpreted as one Nothing should be
taken as a change of law or regulations. The pamphlet does not attempt to go into detail or
into unusual problems. Information about VA loans is given in a narrative format followed by
questions and answers in those areas of the greatest concern.
It is suggested that the pamphlet be read in its entirety. Please pay particular attention
to the information about:
- your responsibility to determine the condition of the property you purchase, and
- assumption of your VA loan and obtaining a release of liability.
Any questions you have which are not answered here should be referred to the Loan Guaranty
Division at the nearest VA regional office, or to your lender who will take them
up with VA if necessary. A list of VA offices may be found in the Help section.
6 STEPS IN ARRANGING A VETERAN'S GUARANTEED LOAN
- Find the property suitable for your needs.
- Go to a lender, and apply for the loan.
- Present your discharge or separation papers relating to latest period of service and/or a Certificate of Eligibility.
- Property is appraised by approved appraiser.
- Estimate of property's reasonable value is determined.
- If application is approved, you get the loan.
FREQUENTLY ASKED QUESTION # 1 [ -more VA Loan questions- ]
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Q: Definition of a VA Loan - What is a VA loan?
A: The VA loan began in 1944 through the original Servicemen's Readjustment Act, also known as the GI Bill of Rights. The GI Bill was signed into law by President Franklin D. Roosevelt and provided veterans with a federally guaranteed home with no down payment. This feature was designed to provide housing and assistance for veterans and their families, and the dream of home ownership became a reality for millions of veterans.
VA guaranteed loans are made by private lenders, such as banks, savings & loans, or mortgage companies to eligible veterans for the purchase of a home, which must be for their own personal occupancy. The guaranty means the lender is protected against loss if you or a later owner fails to repay the loan. The guaranty replaces the protection the lender normally receives by requiring a down payment allowing you to obtain favorable financing terms.
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VALoans.com is a private company specializing in VA financing and is
not a government agency.
Remember, the VA does not make home loans. They insure the loans that we can assist you in getting.
Let us help you get a VA insured mortgage loan at the lowest possible rates.
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