VA Loan Program
The VA Loan Guaranty Service is the organization within the Veterans Benefits Administration responsible for administering the VA home loan program. The VA will guarantee 25 percent of a home loan up to a maximum loan amount of $417,000 with zero down payment. Jumbo loans up to $1,000,000 are available with the borrower paying 25% down payment on any amount over $417,000. All VA loans require a VA funding fee which may be financed into the loan in most cases. VA loans allow up to a 4% concession paid by the seller which may go towards the funding fee and prepays. VA guaranteed loans are made by private lenders, such as banks, savings & loans, or mortgage companies to eligible veterans for the purchase of their primary residence only. Veterans are not automatically eligible, they must qualify for the program.
Who is eligible for a VA loan?
- Active Duty Personnel
- National Guard Members
- Some Family Members
You will need a Certificate of Eligibility before you can get a VA loan. You can apply by mail for your certificate and in most cases you can apply online or through your lender.
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