What is a VA Home Loan? Who Qualifies and How it Can Be Used

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

More Information about VA Home Loans and Fees Here

Call Finding Homes for You at 636-532-4200 for more information.
Thank you for your service to our country!

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