A VA loan is a mortgage that’s guaranteed by the U.S. Department of Veterans Affairs (VA). This guarantee helps us offer qualified Veterans, Active-Duty Military, and others more favorable terms on a home loan or mortgage refinance.
You don’t need to be a first-time homebuyer to receive VA mortgage benefits. If you remain in good standing without foreclosure, you can reuse the loan on other home purchases. And typically, it doesn’t require a down payment — making it easier for our heroes to get the home they want.
The VA offers a few home purchase and mortgage refinance loan programs depending on your needs. In general, these programs can help you qualify for a veterans loan with a competitive interest rate and doesn’t require private mortgage insurance (PMI). The VA also offers programs that let you refinance an existing VA home loan or take cash out of your home’s equity.
