A VA loan is a low cost loan that helps enlisted service members and veterans of the United States military achieve home ownership. The VA loan program was started in 1944 to help returning World War II military service members buy a home. VA loans are backed by the Department of Veterans Affairs.
VA Loans vs. Conventional Loans
Compare the benefits of a VA loan vs. a conventional loan
How does a VA home loan benefit work?
Eligible VA borrowers may finance up to 100% of the purchase price of a home. Most people don't know that the VA benefits never expire and can use the benefits as many time for future home purchase or refinancing. If you currently own a home financed with a VA loan, you may purchase a new primary residence using another loan if you have enough remaining on your VA eligibility. Even if you have used the majority or even all of your VA entitlement to purchase a home, your entitlement can be fully restored once you repay your loan in full.
VA loans can be used for the following: