The Veterans’ Administration helps service members, veterans, and eligible surviving spouses become homeowners by providing a home loan guaranty benefit and other housing-related programs. VA home loans help qualified buyers purchase a home at a competitive interest rate often without requiring a downpayment or private mortgage insurance.

VA home loans can be used to purchase a single family home, a condominium unit in a VA-approved project, or a manufactured home. It can also be used to build a home or simultaneously purchase and improve a home.

Affordable home financing for veterans and active service members.VA Mortage

Features & Benefits

• No down payment as long as the sales price doesn’t exceed the appraised value
• No private mortgage insurance premium requirement
• VA rules limit the amount you can be charged for closing costs
• Closing costs may be paid by the seller
• No penalty fee if you pay the loan off early
• VA may provide assistance if you run into difficulty making payments


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Eligibility

You must have suitable credit, sufficient income, and a valid Certificate of Eligibility (COE) to be eligible for a VA-guaranteed home loan. The home must be for your own personal occupancy. The eligibility requirements to obtain a COE are listed on the VA Benefits website for Service members and Veterans, spouses, and other eligible beneficiaries.

Loan Limits

VA does not set a cap on how much you can borrow to finance your home. However, there are limits on the amount of liability VA can assume, which may affect the amount we can lend you. The loan limits are the amount a qualified Veteran with full entitlement may be able to borrow without making a downpayment. These loan limits vary by county, since the value of a house depends in part on its location.

The basic entitlement available to each eligible Veteran is $36,000. Lenders will generally loan up to 4 times a Veteran’s available entitlement without a down payment, provided the Veteran is income and credit qualified and the property appraises for the asking price.

VA Loan Limits are generally the same those of the Federal Housing Authority (FHA.) Learn more about VA Loan Limits.

Remaining Entitlement

Veterans who had a VA loan before may still have “remaining entitlement” to use for another VA loan. Most lenders require that a combination of the guaranty entitlement and any cash down payment must equal at least 25 percent of the reasonable value or sales price of the property, whichever is less. Thus, for example, $23,500 remaining entitlement would probably meet a lender’s minimum guaranty requirement for a no-down payment loan to buy a property valued at and selling for $94,000. You could also combine a down payment with the remaining entitlement for a larger loan amount.

Programs available to qualified borrowers only. Some Restrictions may apply. Programs subject to change without notice. Contact eLucid for more information.

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