Assistance Program Search

VA Loan
Department of Veterans Affairs
www.homeloans.va.gov

Program Overview

VA Loan is a program in which the VA is authorized to guarantee loans to eligible veterans to build a house in which the veteran will occupy the home. The no down payment loan may include simultaneous purchase of the land on which the residence is situated or will be situated. This program is available to Veterans anywhere.

Who is eligible for this program?

Veterans of military service are eligible for this program. To be eligible for a VA loan you must have a Certificate of Eligibility, which determines the maximum loan for which you are eligible. The Certificate of Eligibility is normally issued shortly after discharge from the military, which is verified by the DD214 form. This certificate may be obtained through the assistance of a lender or from the VA. Each applicant must be an eligible veteran, must occupy or intend to occupy the property within a reasonable period of time after closing. Applicants must have a good credit record and sufficient income to pay the mortgage. VA loans may be used for the purchase, construction, improvement or refinancing of a home. Is this program for first time buyers only? No

Property Eligibility Requirements

The property must be located in the United States, its territories or possessions. The sales price cannot exceed $ 417,000 . Allowable property types: single-family home, condo, townhouse, 1-4 family properties

Benefit Details

The loan maximum may be up to 100% of the VA-established reasonable value of the property plus the applicable VA funding fee for a max LTV of 103%. Loans are available for resale, purchase or new construction. A VA-assigned appraiser must be used. The maximum loan limit is generally $417,000. Subsequent use of VA Benefit increases the funding fee to 3.35%. 100% of sales price. The loan limit is generally $417,000; however, the loan limit depends on the Freddie Mac conforming limit. Benefit: No down payment or cash reserves are required. The VA guarantees part of the loan; mortgages have competitive interest rates, and no down payment is required. Homebuyer Counseling / Education Required: No Owner Occupancy Required: Yes Other Program Comments: For resale purchase or new construction. Applicants must qualify through an approved VA Lender. Contact Winston-Salem office for certificate of eligibility.

Please note: Every attempt is made to reflect accurate and up to date information on housing programs displayed on this site. Some inaccuracies may exist. For verification .