VA Loans - Benefits

VA Loans (Veteran Administration Loans) are ideal for many first-time home buyers who have little no money saved for a down payment, and less than an ideal credit score, assuming they meet other qualifications.

VA Loans:

  • Require no down payment. You can finance 100% of the purchase price of the home.
  • Require no mortgage insurance which saves the homeowner money every month.
  • Have no prepayment penalty when you sell your home or refinance it.
  • Can be a fixed rate or adjustable-rate loan depending on the borrower's desire.
  • Require minimal closing costs.
  • Are fully assumable by anyone who is VA qualified.
  • Generally, have lower interest rates than FHA or conventional loans.


VA loans are available to:

  • Active-duty service members
  • Members of the National Guard
  • Reservists
  • Surviving spouses of veterans
  • Cadets at the U.S. Military, Air Force or Coast Guard Academy
  • Midshipmen at the U.S. Naval Academy
  • Officers at the National Oceanic Atmospheric Administration.


VA home loans are available to active-duty service members, veterans (unless dishonorably discharged), and in some cases, surviving family members.

To be eligible, you need to meet one of these service requirements:

  • You've served 181 days of active duty during peacetime
  • You've served 90 days of active duty during wartime
  • You've served six years in the Reserves or National Guard
  • Your spouse was killed in the line of duty and you have not remarried


Your eligibility for the VA home loan program never expires.