For their service to our country, the U.S. Department of Veteran Affairs (VA) offers eligible Servicemembers and Veterans home loans and other housing programs to help them achieve their dream of home ownership. The VA guarantees a portion of these home loans, which allows lenders to offer borrowers more favorable loan terms.
Other advantages of a VA Home Loan include:
- No down payment required, provided the sale price is less than the appraised value
- You don’t have to a first-time homebuyer
- The seller may pay the closing costs
- No penalty for early payoff
- VA assistance is available if you have difficulty making payments
- No private mortgage insurance requirements
- Limit on how much in closing costs you will be required to pay
- You can reuse the benefits
- Another person can assume a VA-backed loan if he or she qualifies
The VA website has more information about applying and qualifying for a VA home loan, as well as the types of loans available. A qualified elder law attorney who specializes in VA benefits may also have information on the types of VA home loans available to you if you are a Veteran.
