The VA Loan is a mortgage loan issued by approved lenders such as Veterans United Home Loans, and guaranteed by the federal government.

The program is an earned benefit for those who served, which allows eligible military service members and veterans to finance 100 percent of the purchase price of a home.

Because of its unique advantages that include no down payment, no private mortgage insurance (PMI) and competitive interest rates, VA Home Loans offer those eligible a tremendous opportunity to purchase the home of their dreams.

Like all home loans, VA Mortgages have many details and information to review. We at Veterans United Home Loans encourage you to use our website as a tool to educate yourself on the specifics of this exclusive benefit.

Established after World War II to assist returning veterans purchase a home, the federal government authorized the Department of Veterans Affairs to guarantee loans made to military service members, veterans and their spouses.

Tied to the highly successful GI Bill, the VA Loan program provided veterans the opportunity to buy a home — an opportunity many veterans would not have been able to afford without the legislation.

Since its inception, the program has helped more than 18 million veterans and their families purchase a home. The specifics of the program have evolved over time, allowing for more and more veterans to take advantage of this unique program.

Advantages of a VA Loan

Government Guaranteed
Since WWII

Over 18 Million Families
Have Taken Advantage

Competitive
Interest Rates

Although the VA Loan is a government program, the government generally does not make direct loans to veterans. Instead private lenders such as Veterans United Home Loans finance the loan and the Department of Veterans Affairs offers what is called a guaranty.

This guaranty, which protects the lender against loss of principal should the buyer default, provides incentive for private lenders to offer loans to those eligible.

Homes Purchased with a VA Loan

A VA Loan can be used for a variety of home purchases, including

Houses

Townhouses

Condos

New Construction

The VA allows purchases of up to $417,000 with no money down, but borrowers can purchase houses for more in specific counties, or with the use of a VA Jumbo Loan.

The goal of the VA Loan program is to ensure those who served have the opportunity to purchase a home should they so choose. With that goal in mind, the VA does limit the use of the VA Loan in certain situations.

Advantages of a VA Loan

Zero Money Down

No Private Mortgage
Insurance

Competitive
Interest Rates

Just like any other type of home loan, there are various costs associated with a VA Loan. Interest rates will shift and change with the market, however, it is not uncommon for interest rates for VA Loans to be lower than conventional loan rates.

With every VA Mortgage, there is an associated funding fee required. The funding fee is a payment made to the VA to make up for some of the taxpayer costs associated with the loan.

Compare VA to Conventional

See our comparison of features between VA Loans and Conventional Loans.

The funding fee also varies, depending on the circumstances of the borrower. For example, if this is your first time using the VA Home Loan Program, the funding fee is typically 2.15 percent of the purchase price of the home. For subsequent use of your VA Loan benefit, the fee is 3.3 percent.

VA borrowers can roll the funding fee into their overall loan amount. The VA also limits closing costs for veterans and allows sellers to pay most or all of those expenses. Many of our borrowers purchase a home with no money due at closing.

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Loan Info Video Library

The VA Loan Program

More information for families interested in a VA Loan and how it can help save them money.

VA v. Conventional

What's the difference?

View our VA Guaranteed Mortgage vs. Conventional loan comparison chart.

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