With a Purchase Loan, VA can help you purchase a home at a competitive interest rate, and if you have found it difficult to find other financing.
VA's Cash-Out Refinance Loan is for homeowners who want to take cash out of your home equity to take care of concerns like paying off debt, funding school, or making home improvements. The Cash-Out Refinance Loan can also be used to refinance a non-VA loan into a VA loan. VA will guaranty loans up to 100% of the value of your home.
Most VA Home Loans are handled entirely by private lenders and VA rarely gets involved in the loan approval process. VA "stands behind" the loan by guaranteeing a portion of it. If something goes wrong and you can't make the payments anymore, the lending institution can come to us to cover any losses they might incur. The VA loan guaranty is the "insurance" that we provide the lender.
The guarantee VA provides to lenders allows them to provide you with more favorable terms, including:
You should also know that:
Learn more about VA Home Loans:
Veterans Crisis Line:
1-800-273-8255 (Press 1)
U.S. Department of Veterans Affairs | 810 Vermont Avenue, NW Washington DC 20420
Last updated October 22, 2013