What is a VA Home Loan?
The Veterans Administration (VA) Home Loan is a benefit that is available to more than 22 million veterans and 2 million active duty service members to help them achieve the dream of homeownership.
In 2018, $161 billion was loaned to veterans and their families through the program.
In the same year, the average loan amount was $264,197 and 610,513 loans were guaranteed.
Who Can Apply for a VA Loan
You can apply for the VA Loan if you have served:
- 90 consecutive days during wartime
- 180 consecutive days during peacetime
- More than 6 years in the National Guard or Reserves
- The spouse of a service member who has died in the line of duty or as the result of a service-related disability.
VA Home Loans Can Be Used for the Following
- Purchase a Home
- Purchase a Condo
- Build a Home
- Refinance an existing home loan
- Make improvements to a home like solar heating or other energy conservation measures.
Benefits of a VA Home Loan
- No down payment
- No Private Mortgage Insurance
- Lower credit score requirements
- Limitation on closing costs
- Lower average interest rates
Call Finding Homes for You at 636-532-4200 for more information.
Thank you for your service to our country!