Overview
The Veteran Affairs (VA) helps Service members, Veterans, and eligible surviving spouses become homeowners. A VA home loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA). The loan may be issued by qualified lenders. The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses (provided they do not remarry). The VA does not provide the loan itself – A VA loan is a mortgage loan that’s backed by the Department of Veterans Affairs (VA) for those who have served or are presently serving in the U.S. military. VA Home Loans are provided by private lenders, such as banks and mortgage companies. VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms.
How do I obtain a VA Home Loan Certificate of Eligibility (COE) or a duplicate certificate: To get your Certificate of Eligibility (COE) online, (1) go to the eBenefits portal at this link. (2) If you already have login credentials, click the Login box, and if you need login credentials, click the register box and follow the directions on the screen. (3) If you need any assistance please call the eBenefits Help Desk at 1-800-983-0937. The hours are Monday-Friday, 8am to 8pm EST.
Who Can Qualify for a VA Home Loan
VA loans are designed for military personnel, veterans, and military families. The list of those who are eligible for this home-buying military benefit include:
Veterans
Active-Duty Personnel
National Guard
Reserve Members
Surviving Spouses
How Can a VA Home Loan be Used
You must have suitable credit, sufficient income, and a valid Certificate of Eligibility (COE) to be eligible for a VA-guaranteed home loan. The home must be for your own personal occupancy. The eligibility requirements to obtain a COE are listed below for Service members and Veterans, spouses, and other eligible beneficiaries
Purchase
Purchase an existing home. TH, or a condominium unit in a VA-approved project
Construction
VA loans can be versatile. Military personnel can use a VA loan to build/construct a new home
Home Improvement
VA Loans can be used to simultaneously purchase and improve an existing home
Energy Efficiency
Improve a home by installing energy-related features or making energy efficient improvements
Manufactured Homes
In some cases, in can be a challenge to find financing for manufactured homes. VA Loans can be used for a manufactured home and/or lot
Cash out refinance
Veteran mortgage holders can borrow against home equity to pay off debt, fund school, or make home improvements