Veterans' Rights - Home Loan Guarantees

The VA guarantees certain home loans for veterans, as well as individuals in active service, reservists, and surviving spouses. Under this program, the VA agrees to guarantee part of the total loan, which allows the veteran to obtain a mortgage at a competitive interest rate, sometimes without a down payment. A veteran is allowed to purchase a new home or condominium, or purchase a manufactured home or a manufactured home lot. Home loans may also be used to repair or improve an existing home, refinance an existing home loan, or make certain weatherization or energy-efficiency improvements. In order to qualify, the veteran must have a good credit rating, must make a sufficient income to pay mortgage payments, and agree to reside on the property. Other qualifications apply as well.