The purpose of the VA-guaranteed loan program is to provide loans to veterans to purchase or refinance a home. Veterans can obtain up to 100% financing on purchases.

FEATURES AND BENEFITS:

No down payment / no cash reserves
Existing home or new construction OK
Manufactured homes or lots OK
Can be used for refinance
No monthly mortgage insurance
Don't have to be first time buyers
Assumable loans subject to VA credit approval
Can prepay without penalty

LIMITATIONS:
Co-borrower must be spouse or have own entitlement
Only open to veterans, active duty military or reservists
Funding fee added to loan

Eligible Properties
VA loans are available on single family homes and on 2, 3, or 4 family homes. Properties must meet VA’s minimum property standards. New construction that is less than one year old is eligible if it has been inspected by VA or FHA during construction or if the builder has an acceptable insurance-backed 10 year warranty on the home.

Eligible Veterans
VA-guaranteed loans are available to single veterans, two or more veterans, or a veteran and his/her spouse. Unmarried co-borrowers (with only one Certificate of Eligibility) are not eligible for VA loans. Eligibility is based on time in military service and character of separation.

Items Needed at VA Application
In addition to the paperwork needed for all loans, you will also need:

A copy of the DD-214 Discharge Papers
The original VA Certificate of Eligibility