Home Loan
- Veterans can obtain a Federal Home loan for their primary residence
- Interest rates are not set by the VA and are negotiated with the bank
- The VA guarantees a percentage of the loan. The amount varies with the size of the loan, and is issued to protect lenders so they may make loans to eligible borrowers
- Because the lenders are able to obtain this guaranty from the VA, borrowers do not need to make a down payment, provided they have enough home loan entitlement. Borrowers also do not have to purchase Private Mortgage Insurance (PMI)
- A Certificate of Eligibility is required to obtain a VA Federal Home Loan. To obtain this certificate, use VA Form 26-1880