Your Guide to VETERAN HOME LOANS

Your Guide to

VETERAN HOME LOANS

During their time in the Armed Forces, veterans miss business and education opportunities that could leave them disadvantaged in the real estate market. Helping veterans establish credit was the issue that the Department of Veterans Affairs (VA) sought to fix when it launched the home loan program. By guaranteeing loans for qualified veterans and their families, the VA gives veterans an edge in the housing market.

VA home loans can be used to build a new house, purchase a condo or renovate an existing house to be more energy efficient. Those who already own a home can still refinance their loans through the VA and pay lower interest rates or save on mortgage insurance. The VA will even refinance private loans so that qualified veterans can collect their benefits even after they sign a purchase agreement.

National Guard members, reservists, active personnel, veterans and surviving spouses are all eligible to claim VA home loans. Apply for your Certificate of Eligibility (COE) and enjoy the VA's lenient loan terms and endless loan restoration. To get the best benefits out of your VA home loan eligibility, read more about the different loans and how you can apply.

Table of Contents

VA Home Loans 101

5

The History of VA Home Loans

6

Who qualifies for a VA home loan?

9

Benefits of VA Home Loans

13

How to Apply for VA Home Loans

16

How to Get VA Home Loans for Surviving Spouses

21

Reasons for VA Home Loan Denials and How to Appeal

25

How Much Can You Receive in VA Home Loans?

29

VA Home Loan Options

34

VA Mortgage Options

35

How to Find a VA Home Loan Lender

39

Tips for Finding the Lowest VA Mortgage Rates

45

Native American Direct Loan

51

Interest Rate Reduction Refinance Loan

56

Additional Assistance for Veterans

60

Other Government Housing Programs

61

Other Housing Loan Options

65

Veteran Health Services

70

Veteran Employment Services

74

Veteran Education & Training Services

79

Natural Disaster Assistance From the VA

85

Adapted Housing Grants

89

Housing Resources

94

Home Repairs You Can DIY

95

Benefits of Housing Counseling

100

Helpful Online Resources to Help You Find Your Next Home

103

Tips for a Painless and Hassle-Free Move

106

7 Ways to Ensure Home Safety

111

Everything You Need To Know About Homeowners Insurance

115

VA Home Loans 101

Like all Federal services, the VA home loan program is extensive. It has a broad category of applicant who could be eligible for loans and an even broader set of requirements for how to apply and how to use your loans. If you are an active Armed Forces member, a veteran, a Reservist, Nation Guard member or surviving spouse, you may qualify for the benefits of the VA home loan program.

Part of what separates the VA loan program from other Federal services is that it offer loan recipients the choice to select their own private, local lender from any of the banks and mortgage companies participating in the VA program. As such, veterans and their families are offered

the lower interest rates of the VA loan program, but can still work with their own preferred lender closer to home.

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