Released  January 17, 2017
By Megan Greuling

TIP: If you are an active duty servicemember, please consult with your personal legal advisor, Judge Advocate General (JAG) advisor or your personal financial advisor (i.e. accountant) regarding the potential loss of any benefits you are entitled to under the Servicemembers Civil Relief Act or applicable state law. You should promptly set and attend this consultation prior to refinancing your existing mortgage loan,

Who Is Eligible for the VA Home Loan Program?:

  • Veterans;
  • Active duty personnel;
  • Certain National Guard members and Reservists;
  • Surviving spouses of person who were killed in the line of duty or as a result of a service-connected disability;
  • Certain spouses of active duty personnel who are (a) missing in action, (b) captured in line of duty by a hostile force, (c) or forcibly detained by a foreign government or power; and
  • Certain other qualified members. See more on eligibility at www.benefits.va.gov/homeloans/lp.asp

What Benefits are there to a VA Home Loan?:

  • No Down Payment and 100% Financing if the sales price does not exceed the appraised value;
  • No Private Mortgage Insurance;
  • Limits on the amount you can be charged for closing costs;
  • No early pre-payment penalty; and
  • The maximum guaranty amount (for loans over $144,000) is 25% of the 2012 VA Loan Limits shown at www.benefits.va.gov/homeloans/loan_limits.asp