Home Loan Guaranties
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VA guarantees loans made to service members, veterans, reservists and unremarried surviving spouses for the purchase or refinancing of homes, condominiums and manufactured homes. VA guarantees part of the total loan, permitting the purchaser to obtain a mortgage with a competitive interest rate, even without a down payment if the lender agrees. VA requires a down payment for the purchase of a manufactured home. VA requires a down payment for the purchase of a manufactured home. VA also requires a down payment for a home or condominium if the purchase price exceeds the reasonable value of the property or the loan has a graduated payment feature. With a VA guaranty if the borrower fails to repay the loan.
A VA loan guaranty can be used to: |
- Buy a home.
- Buy a residential condominium.
- Build a home.
- Repair, alter or improve a home.
- Refinance an existing home loan.
- Buy a manufactured home with or without a lot.
- Buy and improve a manufactured home lot.
- Install a solar, heating or cooling system, weatherize or other improvements.
- Purchase and improve a home.
- Refinance an existing VA loan to reduce the interest rate.
- Refinance a manufactured home loan to acquire a lot.
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