VA Home Loans

What Is a VA Loan?

VA Loans are mortgage loans available through a program established by the U.S. Department of Veterans Affairs (VA) to help veterans, active-duty service members, and certain members of the National Guard and Reserves purchase, build, or refinance a home.

Basic Eligibility

You may be eligible if you meet one of the following:

• Served 90 consecutive days of active service during wartime.
• Served 181 days of active service during peacetime.
• Have 6 years in the National Guard or Reserves.
• Are the spouse of a service member who died in the line of duty or as a result of a service-connected disability.
• You’ll need a Certificate of Eligibility (COE) to apply.

Types of VA Loans

VA Purchase Loan – Buy a home with favorable terms.

1. VA IRRRL (Interest Rate Reduction Refinance Loan) – Refinance an existing VA loan to a lower rate.
2. VA Cash-Out Refinance – Refinance and take cash out from your home equity.
3. Native American Direct Loan (NADL) – For eligible Native American veterans.
4. VA Construction Loan – To build a new home.

VA Funding Fee

A one-time fee that helps fund the program and keeps it going for future veterans.

• It can be rolled into the loan amount.
• Certain veterans (like those with service-connected disabilities) may be exempt from paying it.