Financing Benefits

More than 29 million veterans and service
personnel are eligible for VA financing.
Before arranging for a new mortgage to finance a home purchase, veterans should consider some of the advantages of VA home loans:

- In most cases, no down payment is required.

- Loan maximum may be up to 100 percent of the VA-established reasonable value of the property. The maximum loan amount for a VA loan is $417,000.

- Flexibility of negotiating interest rates with the mortgage company.

- No monthly mortgage insurance premium to pay.

- Limitation on buyer's closing costs.

- An appraisal which informs the buyer of property value.

- An assumable mortgage, subject to VA approval of the assuming veteran's credit.

- Right to prepay loan without penalty.

- VA performs personal loan servicing and offers financial counseling to help veterans avoid losing their homes during temporary financial difficulties.