Veterans Affairs (VA) guarantees loans made to service members, veterans, reservists and eligible surviving spouses for the purchase or refinancing homes, condominiums and manufactured homes. VA guarantees part of the total loan, permitting the purchaser to obtain a mortgage with a competitive interest rate. With a VA guaranty, if the borrower fails to repay the loan, the VA will pay the loan up to the guaranteed amount.
Uses for Veterans Affairs Loan
A VA loan guaranty can be used:
Build a home
Buy and improve a manufactured home lot
Buy a manufactured home with or without a lot
Buy a residential condominium
Install a solar, heating or cooling system, weatherization or other improvements
Purchase and improve a home
Refinance an existing home loan
Refinance an existing VA loan
Refinance a manufactured home loan to acquire a lot
Repair, alter, or improve a home
To buy a home
To be eligible, applicants must have a good credit rating, have an income sufficient to support mortgage payments, and agree to live in the property.