The VA helps Servicemembers, Veterans, and eligible surviving spouses become homeowners by providing VA Home Loans. As part of the VA’s mission to serve you, VA Home Loans provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy.
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.
Your length of service or service commitment, duty status and character of service determine your eligibility for specific home loan benefits.
Purchase Loans and Cash-Out Refinance:VA-guaranteed loans are available for homes for your occupancy or a spouse and/or dependent (for active duty service members). To be eligible, you must have satisfactory credit, sufficient income to meet the expected monthly obligations, and a valid Certificate of Eligibility (COE).
Interest Rate Reduction Refinance Loan (IRRRL): The IRRRL is a “VA to VA” loan, meaning it can only be done if you have an existing VA guaranteed loan on the property. The IRRRL is generally performed to lower the interest and reduce the monthly payment on the existing VA guaranteed loan.
Native American Direct Loan (NADL) Program: The NADL program helps Native American Veterans purchase, construct, improve, or re-finance a home on Native American trust lands. Your tribal organization must participate in the VA direct loan program. You must have a valid Certificate of Eligibility (COE).
Adapted Housing Grants: VA helps Veterans with certain total and permanent disabilities related to your military service obtain suitable housing with either a Specially Adapted Housing (SAH) or Special Housing Adaptation (SHA) grant.
How to Apply
Purchase Loan & Cash-Out Refinance: VA Home Loans are obtained through a lender of your choice once you obtain a Certificate of Eligibility (COE). You can obtain a COE through eBenefits, by mail, and often through you lender.
Interest Rate Reduction Refinance Loan: A new Certificate of Eligibility (COE) is not required. You may take your Certificate of Eligibility to show the prior use of your entitlement or your lender may use our e-mail confirmation procedure in lieu of a certificate of eligibility.
Native American Direct Loan (NADL) Program: First, confirm that your tribal organization participates in the VA direct loan program. NADL loans are obtained through a lender of your choice once you obtain a Certificate of Eligibility (COE). You can obtain a COE through eBenefits, by mail, and often through you lender.
Adapted Housing Grants: You can apply for an SAH or SHA grant by either downloading and completing VA Form 26-4555 (PDF) and submitting it to your nearest Regional Loan Center, or completing the online application.
Source: U.S. Department of Veterans Affairs, https://www.benefits.va.gov/homeloans