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VA Home Loan Benefit

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The Serviceman’s Readjustment Act (GI Bill of Rights) was signed into law by President Franklin D. Roosevelt on June 22nd, 1944 to provide veterans with federally guaranteed home, farm and business loans with no down payment. Since then, the VA home loan program has benefited over 18 million veterans and their dependents with a home purchase.

Advantages of a VA Home Loan

  • Up to 100% financing
  • No monthly mortgage insurance
  • Low interest rates
  • Low credit score requirements
  • No prepayment penalty
  • Fully assumable by a qualified person (does not have to be a veteran)
  • Seller can pay up to 4% towards the veteran’s closing costs

VA Home Loan Eligibility

National Guard members, Reservists and veterans must meet VA home loan eligibility requirements for time in service as established by the Veterans Administration. If you served on active duty for 90 days or more during wartime, 180 days active duty during peacetime or six years in a National Guard or Reserve component, you are eligible for a VA loan. View our VA Loan Eligibility page for more information and to view all service requirements.

In addition to meeting the VA’s service requirements, you must also meet income and credit requirements.

Maximum VA Home Loan Amounts

The maximum VA home loan amount as determined by the Federal Housing Finance Agency (FHFA) is $417,000 for most counties in the United States. However, some counties have an adjusted higher loan amount due to increased housing prices. The Veteran’s Administration still provides the loan guarantee up to 100% financing for these higher loan amounts. To check your county’s VA loan limit, please visit the VA’s Home Loan Limits page.

National Guard members, Reservists and veterans can receive a VA loan for more than the county limit set by FHFA, but a down payment is required. To determine your down payment amount, please contact one of our experienced VA loan officers.

Eligible Property Types

The VA allows for veterans to utilize a VA home loan for a variety of property types. Use your VA loan benefit to purchase a single family home, condo, town home or manufactured home.  Each property type must meet specific VA guidelines for property standards; including safety, sanitation and soundness.

To review each property type and any additional conditions, please visit our VA Loans FAQ Property Type page.

Get a VA Home Loan Preapproval

Preparing for a VA loan preapproval requires minimal documentation and to help you get started, we have provided a list below.

  • 30 Days most recent LES or paystubs
  • Two years most recent W2s
  • Completed VA Form 26-1880
  • Copy of NGB22 or DD214

Additional Questions

If you have additional questions about VA home loans, please visit our VA Loans FAQ page.

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