Veteran Affairs (VA) Loans
A VA loan is a mortgage loan guaranteed by the U.S. Department of Veterans Affairs (VA) and is available for all current or past military employees. The basic intention of the VA direct home loan program is to supply home financing to eligible veterans in areas where private financing is not generally available and to help veterans purchase properties with no down payment. VA loans have very competitive interest rates and less strict qualification requirements.
· Standard VA loans are for loan amounts under the VA loan limit.
· VA High Balance loans are available for loan amounts over the VA Standard limit.
· VA Streamline or Interest Rate Reduction Refinancing Loan (IRRRL) is a way for veterans to refinance their mortgage at a very low interest rate.
· Check VA loan limits in your area.