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Program: VA Loans Purchase and Cash-Out Refinance Home Loans

Detail Verified 4/21/2021 - Last Updated 1/14/2021

Program Overview

A program that provides veterans a loan with no down payment requirement.
VA now will accept properties with a PACE lien.  See HERE for policy guidance.

This program is available to veterans and certain surviving spouses anywhere in the United States.

Who is Eligible for this Program?

Veterans of military service. To be eligible for a Veterans Administration (VA) loan you must have a Certificate of Eligibility, which verifies that you have met the length in service requirements. The Certificate of Eligibility can be obtained by your lender when applying for your loan. You may need to provide your lender a copy of your DD-214, to verify your length in service.

The VA home loan is a lifetime benefit, and can be used repeatedly. In order to use the benefit again, the existing VA loan must be paid in full.

Is this program for first time buyers only?: No

Property Eligibility Requirements

This program has no restrictions on location.

Allowable property types: single family, condo, townhouse, 1-4 family properties

Benefit Details

This program is available to service members, veterans, reservists of the National Guard and qualifying unmarried surviving spouses. Commissioned Officers of the Public Health Service and National Oceanic and Atmospheric Administration are considered to be active duty members and veterans, once discharged. The loan maximum may be up to 100% of Veterans Administration (VA)-established reasonable value of property plus the applicable Veterans Administration (VA) funding fee for an approx. max loan-to-value (LTV) of 103%. For resale, purchase or new construction. A Veterans Administration (VA)-assigned appraiser must be used. Maximum loan limit is $548,250, but may be higher in high-cost counties. Subsequent use of Veterans Administration (VA) Benefit increases funding fee to 3%.

Benefit: No down payment, no cash reserves required.

Loan Term: 30 years years

Homebuyer Counseling / Education Required: No

Owner Occupancy Required: Yes

Other Program Comments: For resale purchase or new construction.

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