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For Home Buyers • January 24, 2023

What you should know about VA Loans

by Kat Ashby

Veterans have several benefits and terms when buying a home, thanks to the Veterans Affairs (VA) home loan program. Some of the key benefits include:

  1. No down payment required: Unlike conventional loans, VA loans do not require a down payment, which can make it easier for veterans to purchase a home.
  2. No private mortgage insurance (PMI) required: VA loans also do not require PMI, which can add hundreds of dollars to a monthly mortgage payment.
  3. Low interest rates: VA loans typically have lower interest rates than conventional loans, which can save veterans thousands of dollars over the life of the loan.
  4. No prepayment penalty: Veterans can pay off their VA loan at any time without penalty, which can be beneficial for those who plan to sell their home or refinance in the future.
  5. Eligibility for veterans and their families: The VA home loan program is available to veterans, active-duty service members, and their surviving spouses.
  6. Home-improvement loans: The VA also offers home-improvement loans to veterans to help them fix, improve, or modernize their homes.
  7. Adapted housing grants: Veterans with certain service-connected disabilities may be eligible for grants to help them purchase or build an adapted home or make improvements to a current home to accommodate their disability.

It’s important to note that these benefits and terms may vary depending on the specific loan program, the lender’s policies, and the veterans’ credit history and income. Veterans should consult with a VA-approved lender to determine their eligibility and the specific terms and benefits of a VA home loan.

  1. The U.S. Department of Veterans Affairs: https://www.va.gov/housing-assistance/home-loans/
  2. The U.S. Department of Veterans Affairs: https://www.va.gov/housing-assistance/home-improvements/
  3. The U.S. Department of Veterans Affairs: https://www.va.gov/housing-assistance/adapted-housing/
  4. The National Association of Realtors: https://www.nar.realtor/va-loan-program-overview
  5. Zillow: https://www.zillow.com/research/home-values-forecast-16072/
  6. National Association of Realtors: https://www.nar.realtor/economic-data/existing-home-sales

It is important to note that, policies and programs can change over time and it is always recommended to consult the official sites of these organizations for up-to-date information and to consult a local real estate professional or VA-approved lender to determine the specific terms and benefits of a VA home loan.

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