VA Home Loans and Refinance Rates From Top Lenders

What is a Veteran Affairs loan?

Veteran Affair home loans are a mortgage loan available to qualified Military members. VA loans are generally used for the purchase of a primary residence. Another type of loan program available is called the VA Streamline Refinance, which allows veterans to refinance their current mortgage interest rate. This program is commonly used by Veterans who have already been approved for their initial VA purchase loan.

Are all military services eligible for VA loans?

Millions of members of the military, veterans, active-duty personnel, reservists, and National Guard members are eligible to apply for the best VA home loans. Some spouses may also qualify for special VA loan programs. Borrowers will need a Certificate of Eligibility from the VA to prove their eligibility for a VA loan to the lender.

What is the maximum VA home loan amount?

The VA home loan program does not have a maximum amount that a Veteran may borrow using a VA loan, but limits the maximum guaranty amount to $417,000 for 2016. However, the VA's maximum guaranty amount differs by counties in the United States. Lenders and banks could offer loans to veterans greater than the maximum county loan limit, but may require a partial down payment depending on the loan amount.

How do VA loan rates differ from traditional home loans?

VA loans differ from traditional home loans because borrowers aren't required to put a down payment and have the right to prepay their mortgage without penalty. In addition, a VA loan doesn't require mortgage insurance while FHA and conventional loans with less than 20 percent down payment do. VA home loans are somewhat easier to qualify for than traditional home loans. If a borrower needs assistance with monthly mortgage payments, the VA can help negotiate with lenders or banks on behalf of the borrower.

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