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A Veteran’s Guide To VA Loan: 7 Things To Know

From a large down payment to financing mortgage insurance, closing charges, and other fees, the journey to home ownership can be hard. But if you’re a veteran or service member, VA home loan programs may provide significant assistance in obtaining the keys to your new home. VA home loans are one of the most distinct loan programs in the country, with significant benefits such as better terms, no down payment, cheaper interest rates, and more. Read on to learn important facts about VA loans that you may not know about.

What is a VA Loan?

It is a mortgage insured by the U.S. Department of Veterans Affairs for service members, veterans, and surviving spouses. Its primary objective is to assist veterans to purchase, build or improve a house, or refinance an existing mortgage.

Things You Should Know About a VA Loan

With interest rates currently at all-time lows, it makes perfect sense to consider VA loan options if you believe you are qualified.

Here are seven facts you should know about this loan program:

Zero Down Payment

The most significant benefit of a VA loan is that eligible buyers can typically finance 100% of the transaction price of their primary home. Almost all other financing options require a down payment of 5% to 20%. For traditional homebuyers, this requires years of dedication and savings.


If the homeowner defaults, the VA guarantees that a part of the loan will be paid back to the lender. The government’s backing provides lenders with the security to offer competitive rates and conditions.

No Time Limit

Once you’ve acquired it, your eligibility for a VA loan never expires. If a veteran served 10, 20, or even 40 years ago and never used their loan, they can utilize it to purchase a property today. Eligibility for a VA loan is determined by the length and period of military  service.

Use Loan Benefit More Than Once

A common myth is that after you’ve used your VA loan, you cannot use it again. Fortunately, this is untrue. Once your eligibility has been restored and your prior loan has been repaid, you are eligible to reapply and possibly use a VA loan again at any time.

Low Interest Rates

As VA loans are backed by the government, lenders are more likely to grant favorable terms. In fact, VA loans offer the lowest rates on the market. The average 30-year VA loan fixed rate is often cheaper than those of traditional loan programs.

No Monthly Mortgage Insurance

A VA loan does not need monthly mortgage insurance, which may be necessary on other loan programs if you do not put down 20%. Both purchase and refinance VA mortgages involve a funding charge, which can be rolled into the loan or eliminated for eligible veterans with service-related disabilities.

Spouses Could Qualify

Unremarried spouses of fallen service members can purchase a house without having to pay mortgage insurance or a down payment. The fees for VA funding are also waived for them.

If you’re a service member or a veteran, it’s beneficial to consider getting a VA loan when shopping for a home. If you want to know more about VA loans and your eligibility, contact our experts today!

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