Veterans Affairs Purchase Loan Program

Summary

The Veteran Affairs Purchase Loan program offers VA backed mortgage loans through participating lenders. These loans require no downpayment, usually have lower interest rates, and private mortgage insurance is not required. There is also fewer closing costs, which may be paid by the seller of the property. There may be VA funding fees associated with the loan depending on the lending company chosen. There is also no penalty if the loan is paid off early.

Eligibility Requirements

  • The applicant(s) must have served on active duty for at least 90 consecutive.The applicant(s) must obtain a Certificate of Eligibility (COE) from the VA, which verifies their military service and eligibility for a VA-guaranteed loan.
  • The applicant(s) must be creditworthy and able to obtain financing from a participating lender.
  • The home being purchased or refinanced must be the applicant's primary residence.
  • The home being purchased or refinanced must meet the VA's minimum property requirements.
  • The applicant(s) must also comply with all program requirements and guidelines, which may include submission of a complete application, payment of any required application fees, and submission of all required documentation.
  • It's important to note that meeting the above requirements does not guarantee acceptance into the program, as funding is subject to availability and participating lenders may have additional requirements.

Contact Information

U.S. Department of Veterans Affairs
Phone: 800-698-2411

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