A VA loan is a mortgage loan available through a program established by the United States Department of Veterans Affairs. VA loans assist service members, veterans, and eligible surviving spouses to become homeowners. The VA sets the qualifying standards, dictates the terms of the mortgages offered and guarantees a portion of the loan. VA home loans are originate by Mortgage Brokers, Mortgage Companies & banks.

The Veterans Administration offers a home loan guaranty benefit and other housing-related programs to help the qualified veterans, or their eligible spouse, buy, build, repair, retain, or adapt a home for personal occupancy. VA loans offer up to 100% financing on the value of a home. VA loan recipients do not have to be first-time homebuyers. Also, they may reuse the benefits and may assign the loan to another qualifying person.


To qualify for a VA loan, borrowers must present a certificate of eligibility, which establishes their record of military service.

The Veterans Administration offers a home loan guaranty benefit and other housing-related programs to help the qualified veterans, or their eligible spouse, buy, build, repair, retain, or adapt a home for personal occupancy. VA loans offer up to 100% financing on the value of a home.

VA home purchase loans assist veterans to purchase a home at a competitive interest rate. Often these purchase loans do not require a down payment or private mortgage insurance.

  • No down payment is mandated unless required by the lender, or if the purchase price is above the established property value.
  • There is no private mortgage insurance premium requirement.
  • Closing costs are limited and may be paid by the seller.
  • The lender may not charge a prepayment penalty.
  • Assistance is available from the VA to help borrowers avoid default.
  • Many states offer additional benefits to veterans such as property tax reductions.

Additionally:

A VA Cash out refinance loan allows veteran mortgage holders to borrow against home equity to pay off debt, fund school, or make home improvements. This refinancing option offers a new mortgage for a larger amount than the existing note and converts home equity into cash.

An Interest Rate Reduction Refinance Loan (IRRRL), also called the Streamline Refinance Loan, enables a Veteran to obtain a lower interest rate by refinancing an existing VA loan. This a VA-loan-to-VA-loan process, which allows homeowners to refinance a fixed loan at a lower interest rate or to convert an adjustable rate mortgage (ARM) into a VA fixed rate mortgage.

For more information, please contact Kenny Minkel @ (805) 320-7898, or via E-mail @ Kenny@CoastPro.net