A “VA loan” is a mortgage loan guaranteed by the U.S. Department of Veterans Affairs and issued by approved lenders. VA loans help veterans, active duty military members and their families purchase homes or refinance their mortgages.
In order to obtain a VA home loan, you must have suitable credit, sufficient income and a valid certificate of eligibility. The home you are purchasing must be for your own personal occupancy, but VA home loans can be used to: build a home, buy a home or condominium unit in a VA approved project, buy a manufactured home or lot, simultaneously purchase and improve a home, or to improve a home by making energy efficient improvements.
To be eligible, you must have been discharged under conditions other than dishonorable and meet qualification requirements which can be obtained from the VA. The spouse of a veteran can also apply for a VA home loan under certain conditions.
To know if you meet the requirements for a VA loan contact the U.S. Department of Veterans affairs.
