Apply for an Active Duty or Veteran Regular Purchase Loan Online

How to Get an Active Duty or Veteran Regular Purchase Loan

What it is

At a Glance
Loan Type:	Veterans Affairs
Lender:	Government
Secured:	No

A United States Veterans Affairs active duty or veteran regular purchase loan guaranties are made to service members, veterans, reservists, and unmarried surviving spouses for the purchase of homes, condominiums, and manufactured homes for a veteran's personal occupancy. Veterans may also obtain VA refinancing loans. VA guarantees a percentage of the loan which permits the veteran to obtain a mortgage with no down payment at a competitive interest rate. Veterans and active duty members must have a valid Certificate of Eligibility obtained from the VA in order to be eligible.

VA loans permit the purchaser to obtain a mortgage with a competitive interest rate, without a down payment. However, VA requires a down payment for a home or condominium when the purchase price exceeds the appraised reasonable value of the property or the loan has a graduated payment feature. These loans carry 15-, 20-, 25-, or 30-year options on fixed rate mortgages. Loans are assumable under certain conditions without a prepayment penalty. To qualify for a VA Rate Reduction Refinance, your current mortgage must have been paid as agreed for the last 12 months and must be up to date.

Who it's for

VA loans are guaranteed by the Department of Veterans Affairs and can be used to purchase a single family home, including a townhouse or condominium unit in a VA approved project, to build a home, and purchase and improve a home. VA financing is designed to benefit veterans of the armed services, those currently in active duty or the reserves, and their spouses. Veterans can qualify to put zero down on a loan up to $417,000.

What you need to do to apply

The VA does not require an appraisal, credit report, or income and employment verifications. It is possible to obtain a loan through this program with no out of pocket expenses.