This Monday is Memorial Day, a day to honor all those who died while serving in our country’s armed forces. A day that holds meaning for all Americans, but especially surviving spouses, veterans, those currently serving and their families. ACMC Evansville has a mission to help Hoosiers home.
A VA loan can be used to buy an existing home, a home that you want to build or to refinance an existing loan. If you’ve ever wanted more information about a VA home loan, we hope you’ll find the following guide helpful. (Note: to read or download any PDF documents, you will need a PDF viewer. Free software available here: https://www.va.gov/viewer.htm.)
Overview of the VA Home Loan Process
Generally speaking, you’re eligible for a VA home loan if you are:
- currently serving in the U.S. armed forces
- a veteran
- a reservist or national guard member
- an eligible surviving spouse
- unmarried spouse of Veteran who died while in service or from service related disability
- spouse of Servicemember missing in action or prisoner of war
- surviving spouse who remarries at or after the age of 57 and on or after December 16, 2003, (see specific requirements)
- surviving spouses of certain totally disabled Veterans whose disability may not have been the cause of death
(If you cannot apply online, you will need form VA form 26-1817 . If applying through your lender, bring completed form, or form can be mailed to: VA Loan Eligibility Center, ATTN: COE (262), PO Box 100034, Decatur, GA 30031)
If you don’t have a DS logon yet, the video below will walk you through the process.
- No down payment unless the purchase price is more than the reasonable value of the property (Check with your mortgage lender for details)
- No maximum loan amount, (VA does limit guaranty; check with your lender for more details)
- No mortgage insurance
- One time VA funding fee, (veterans receiving VA disability are exempt)
- Limits on closing costs; closing costs may be paid by seller
- Can have lower credit score
- Can be assumed by qualified persons
- VA staff dedicated to assisting Veterans who become delinquent on their loan
- Many states offer additional resources for Veterans such as property tax reduction
Types of VA Loans
- Purchase – A VA loan can help you purchase a home at a competitive interest rate even if you have found it difficult to qualify for other financing. It can be used:
- to purchase a home or a condo in a VA-approved project
- to finance new home construction
- to purchase and improve a house
- on home improvements
- to purchase a manufactured home and/or lot
- Refinance/Cash Out – for homeowners who want to use the equity in their home to pay off debt, fund education or make home improvements. Can also be used to refinance a non-VA loan into a VA loan.
- VA Interest Rate Reduction Refinance Loan (IRRRL) – lowers your interest rate by refinancing your existing VA home loan
- Native American Direct Loan (NADL) – helps Native American Veterans finance purchase, construction or improvement of homes on Federal Trust Land or reduce interest rate on an existing VA loan. More Info
- Housing Grants for Special Needs Adaptation – helps veterans with service connected disabilities purchase or build an adapted home or to modify an existing home
- VA Loans for Rural Areas (2501 Program) – Office of Advocacy and Outreach coordinates with USDA agencies in order to enhance availability of program to veteran and minority farmers, ranchers and forest landowners. Note: must check to see if/when available
If eligible, a VA Home loan can be one of the best ways to obtain your American dream home! We’re here at ACMC Evansville to answer any questions you might have and to guide you throughout your entire journey.
Helping Hoosiers Home
All content on this page is for informational purposes only and does NOT constitute legal advice or the endorsement of HUD, FHA or Dept of VA. Financing subject to eligibility.