VA Home Loans Info

When you are ready to buy your first house, you might be wondering about the different financing options. If you are a veteran of the armed forces or your spouse or domestic partner is, you might qualify for a Veteran’s Administration, or VA, home loan. Working with the best loan officers in Las Vegas can help you to understand how this financing option works.

Who Is Eligible

In order to qualify for a VA loan, you need to have a certificate of eligibility. This is issued by the armed forces based on your length of service. If you served on active duty for at least 181 days, you are eligible. If you served for at least six years in the reserves or National Guard, you might also qualify. Your duty, character, and length of service are considered for your VA home loan eligibility.

VA Loan Types

VA mortgages are not directly issued by the VA. They are available through private lenders that are partnered and approved by the VA. The available loan types are similar to conventional mortgages. They include adjustable-rate mortgages, fixed-rate mortgages, interest rate-reduction finance loans and cash-out refinance loans. (Read on what you need to know in buying foreclosed homes.)

Features of VA Loans

The VA loans have some differences from conventional financing options. There is no required down payment for a VA home loan. You do not have to pay any private mortgage insurance if you are eligible for a home loan through the VA. There is no pre-payment penalty if you are able to pay off the balance of your home loan before the end of the loan term. You can get 100 percent financing for the home’s price. Fees can be rolled into the amount of your VA home mortgage loan.