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Military Financing

VA Home Loan Program
If you serve or have served our country in the armed forces, are a reservist, or a military spouse, then you are eligible to take advantage of the VA home Loan Program. The VA can Guarantee up to $359,650 of the total loan if you want to take out a loan to help you purchase or refinance a home, Condominium or manufactured home. Most conventional home loans are much lower. Even better, there is NO Down Payment (in most cases) on a VA Loan. However, certain funding fees and Closing costs apply, and you must be able pay a portion of these fees upfront.

With a VA guarantee, you get a Mortgage with a competitive Interest Rate. The Lender you borrow money from is protected against loss up to the amount of the guarantee if you fail to repay the loan, and you have the flexibility to purchase a great home.

Specifically, a VA home loan can be used to:

  • Buy a home or residential condominium
  • Build a home
  • Repair, alter or improve a home
  • Refinance an existing home loan
  • Buy a manufactured home with or without a lot
  • Buy and improve a manufactured home lot
  • Purchase and improve a home simultaneously with energy efficient improvements
  • Refinance an existing VA loan to reduce the Interest Rate
  • Refinance a manufactured home loan to acquire a lot

You can apply for a VA loan with any mortgage lender that participates in the VA home loan program, but you will first need to get a Certificate of Eligibility from the VA to prove to the lender that you are eligible for a VA loan.

For more information on loan eligibility requirements and further details, please contact the Veteran’s Benefits Administration at www.vba.va.gov.

*Certificate of Eligibility is necessary to apply for a home loan, but does not guarantee that you will qualify for a loan.
**Even if you've used a VA home loan before, you may still qualify for restoration of benefits.
***For those planning on purchasing a home in California, the Cal-Vet home loan is available.

 
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