These mortgages include fixed-rate, adjustable rate mortgage (ARM) and jumbo loans.
VA purchase loans: Lenders offer competitive interest rates on standard VA loans. Similar to conventional loans, the VA has a wide range of home and refinance options for qualified borrowers, including: In contrast to other low down payment mortgages, VA loans don’t have monthly mortgage insurance to worry about. With more lenient borrowing requirements, better interest rates and little to no down payment, VA loans provide immense benefits to military families. Instead, these loans provide excellent flexibility for active and former military service members interested in buying a home. VA home loans are labeled as non-conforming loans since they don’t meet the standard guidelines of conventional lending requirements set by mortgage giants Fannie Mae and Freddie Mac. You can find all the minimum service requirements at VA.gov. If you, or a surviving spouse, meet the minimum service requirements as an active-duty service member, veteran or member of the National Guard, you qualify for a VA loan. It’s important to understand that the VA doesn’t actually issue the loans, but it does determine who qualifies for them. The VA guarantees these loans, so there’s almost no risk to the lender. What Is a VA Loan?Īs opposed to a conventional loan, a VA mortgage is a government-backed loan program sponsored by the U.S. Whether you’re doing research for yourself or a family member, let’s look into the details of how a VA home loan works, including qualification requirements, pros and cons. 
These loans offer more favorable qualifying terms, including lower credit scores and less money down – even no money down in some cases! A VA home loan is a specific type of mortgage extended only to military members, veterans and qualifying surviving spouses.
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