Are There Different Types Of VA Loans?

Are there different types of VA loans? How do I know if I qualify for a VA loan? Am I guaranteed to get a VA loan if I am a veteran?

Currently, there are five different types of VA backed loans available to the American veteran. These loans are not given by the Department of Veterans Affairs (VA) directly. The VA provides an insurance policy to the lender on the mortgage of the home. Should the loan at any time default, the lender can apply to the VA for repayment against this insurance policy. The current VA backed loans available are: Home Loan, Refinancing Loan, Home Construction Loans, Special ARM Loans (also known as Hybrids) and Streamline Loans. Each loan is available to any and all veterans that qualify under the program.



How do I know if I qualify for a VA loan?

If you are an active member of the United States Military or you are a veteran with an honorable discharge and GI benefits, you will qualify for a VA loan. The VA Home loan program allows military personnel to purchase a home with no down payment and 100% financing options. Currently the limit for the home price is $417,000.00. Homes valued over that amount do not qualify for assistance under the VA home loan program.

Am I guaranteed to get a VA loan if I am a veteran?

If you are currently serving in the United States military or you are a veteran of the US military with an honorable discharge you will qualify for a VA loan. OF course, if you are a veteran you will need to comply with the lenders requirements for employment and eligibility to repay the loan. The VA loan program is a mortgage insurance policy for veterans that encourage lenders to offer mortgages to veterans.



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