How to Get a VA Mortgage Loan
What it is
| At a Glance | |
|---|---|
| Loan Type: | Veterans Affairs |
| Lender: | Government |
| Secured: | Yes |
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
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