How to Get a VA Mortgage Loan

What it is

A United States Veterans Affairs life insurance policy loan is for policy holders who have permanent plans of insurance. A loan may be obtained at the end of the first policy year of a whole life or endowment plan of insurance, which has loan value and is enforced on a premium paying basis or is paid-up. A loan may also be obtained on paid-up additional insurance attached to either permanent or term plans of insurance. Loans are granted in any amount up to 94 percent of the policy's reserve value, minus any existing indebtedness against the policy, plus interest. Eligible plans include United States Government Life Insurance, National Service Life Insurance, Veterans' Special Life Insurance, Service Disabled Veterans Insurance, and Veterans Reopened Insurance.

Who it's for

VA life insurance policy 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 refinance your mortgage through this program with no out of pocket expenses. This can be done by including the cost of the refinance into the new loan or by increasing the interest rate on the new loan and allowing the lender to pay the costs.

Apply for a VA Mortgage Loan

Click here to apply for a Veterans' loan at PlanetLoan:

Loan Search Engine

Popular Credit Cards

Starwood Preferred Guest® Credit Card from American Express

Starwood Preferred Guest® Credit Card from American Express

Apply for Starwood Preferred Guest® Credit Card from American Express

  • Starpoints® Bonus: 10K with your first purchase and another 15K when you spend $5k within 6 months - enough for up to 6 free nights at a Category 1 or 2 hotel
  • Free nights, free flights: Redeem Starpoints with over 350 airlines through SPG Flights and more than 1,000 hotels and resorts worldwide. No blackout dates
  • 2011 SmarterTravel® Award for "Best Travel Rewards Card"
  • $0 introductory annual fee for the first year, then $65
  • Read our review or apply online now at American Express's Web site.
Intro APR Regular APR Credit Needed Annual Fee
No Introductory Rate Available 15.24% - 19.24% variable None $65*

IberiaBank Visa® Classic Card

IberiaBank Visa® Classic Card

Apply for IberiaBank Visa® Classic Card

  • No Annual Membership Fee
  • Low variable rate of 7.25%, 10.25%, or 13.25% (Prime + 4.00%, Prime + 7.00%, or Prime + 10.00%) as of 4/1/10 based on the creditworthiness. This APR will vary with the market based on the Prime Rate. (If there is an interest charge, the charge will be no less than $0.50).
  • Low Introductory APR on balance transfers of 1.99% for your first 6 billing cycles, this rate will not change during the introductory period. Applies to balance transfers processed within three months of your account open date. After that, your APR will be the same as your assigned purchase rate, based on your creditworthiness.
  • Online Access to Credit Card Account Information
  • Apply online now at the card issuer's Web site.
Intro APR Regular APR Credit Needed Annual Fee
1.99% APR for 6 Billing Cycles 7.25%, 10.25%, or 13.25%* None $0

American Express® Gold Card

American Express® Gold Card

Apply for American Express® Gold Card

  • Exclusive access to Gold Card Events - select concerts, shows, major sporting events, and more.
  • Purchase Protection* can protect eligible items for up to 90 days from the date of purchase if stolen or accidentally damaged. *Underwritten by AMEX Assurance Company
  • Redeem Membership Rewards® points for an exclusive array of travel, shopping, dining and entertainment rewards.
  • Introductory annual fee of $0 for the first year, then $125.
  • Get a decision in as little as 60 seconds.
  • Read our review or apply online now at American Express's Web site.
Intro APR Regular APR Credit Needed Annual Fee
No Introductory Rate Available No APR Good $125*

AccountNow® Prepaid Visa®

AccountNow® Prepaid Visa®

Apply for AccountNow® Prepaid Visa®

Intro APR Regular APR Credit Needed Annual Fee
No Introductory Rate Available No APR None $0