VA Home Loans

The Veterans' Administration (VA) provides home loan insurance through its VA Loan Guaranty Service. Loans obtained with VA backing provide veterans with low or no down payments and offer favorable repayment conditions.

The Loan Guarantee

VA guaranteed home loans are provided by private lenders, such as banks. These lenders feel comfortable lending to veterans because they are protected from loss by the VA if the homeowner doesn't repay the loan.

Features of a VA Home Loan

Usually, there is no down payment required on a VA home loan, though this may vary according to lender and other conditions. The interest rates are negotiable and are usually less than those of conventional mortgage loans. The loans have long repayment terms, and forbearance is extended to veterans who find themselves temporarily unable to make payments because of financial hardship.

Requirements for Approval

Veterans must meet eligibility requirements for length of service. The veteran must have enough income to cover mortgage payments, other costs of homeownership and obligations and expenses, and still have enough left over to support his or her family. Also, the home must be occupied by the veteran or the veteran's spouse.

Certificate of Eligibility

A certificate of eligibility is needed to get a VA approved. To find out how to get one, and for more information on VA home loans, go to