United States Department of Veterans Affairs, Veterans Benefits Administration - Home Loans
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Description of Program
The United States Department of Veterans Affairs, Veterans Benefits Administration is responsible for administering The VA's extensive non-medical benefits. Its responsibilities include initial veteran registration, eligibility determination, and five key lines of business (benefits and entitlements): Home Loan Guarantee, Insurance, Vocational Rehabilitation and Employment, Education (GI Bill), and Compensation & Pension.
VA helps Servicemembers, Veterans, and eligible surviving spouses become homeowners. As part of our mission to serve you, we 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.
Purchase Loans help you purchase a home at a competitive interest rate often without requiring a downpayment or private mortgage insurance. Cash Out Refinance loans allow you to take cash out of your home equity to take care of concerns like paying off debt, funding school, or making home improvements.
Interest Rate Reduction Refinance Loan (IRRRL): also called the Streamline Refinance Loan can help you obtain a lower interest rate by refinancing your existing VA loan.
Native American Direct Loan (NADL) Program: helps eligible Native American Veterans finance the purchase, construction, or improvement of homes on Federal Trust Land, or reduce the interest rate on a VA loan.
Adapted Housing Grants: help Veterans with a permanent and total service-connected disability purchase or build an adapted home or to modify an existing home to account for their disability.
Other Resources: many states offer resources to Veterans, including property tax reductions to certain Veterans.
Apply for your VA benefits at your Local Regional Offices: VA regional offices can assist you with filing the appropriate VA forms.Also, to apply for a specific benefit, visit Applying for Benefits. In addition, VSO's (Veteran Service Organizations) can assist you as well by answering general questions and even petitioning on your behalf for services they believe you are qualified to receive.
Two hundred VA Vocational Rehabilitation and Employment counselors are now available at 71 military bases to assist transitioning Servicemembers with civilian employment.
You may be eligible for VA benefits if you are a: veteran; veteran's dependent; surviving spouse, child or parent of a deceased veteran; uniformed service member; present or former reservist or National Guard member.