VA loans help active military members and veterans buy a home with no down payment.
What Is a VA Loan?
VA loans are mortgages issued by private banks, backed by the U.S. Department of Veterans Affairs, and are available to active military members and veterans with honorable discharges.
These home loans for veterans are intended to help servicemembers, veterans, and their families buy homes with terms that are more favorable than what is available in the private mortgage market.
With a VA loan, veterans and servicemembers can borrow up to 100% of a home’s purchase price at a fixed rate, with no requirement for personal mortgage insurance (PMI).
The VA charges a funding fee for each mortgage that ranges between 0.5 and 3.3% of the total loan. A borrower could pay this fee upfront or add it to their loan amount.
In addition to home loans for veterans, the VA also offers Adapted Housing Grants so veterans with service-connected disabilities can buy or alter a home to meet their needs.
Who is eligible for a VA home loan?
Active U.S. military personnel and veterans who were honorably discharged are eligible for veterans’ loans. In some cases, a surviving spouse could be eligible as well.
The eligibility requirements for a VA home loan depend on a veteran’ length of service, duty status, and character of service. You can verify your status and obtain a Certificate of Eligibility (COA) through the VA’s eBenefits portal.
Apply For A VA Home Loan
If you have any questions about VA home loans, our mortgage experts can help you through the entire process. You can contact us online or visit one of our 10 Union Bank branches in West Central Arkansas and the River Valley: Mena, Paris, Wickes, Hatfield, Caulksville, Clarksville, Ozark, Waldron, Booneville, and Russellville.