VA Home Loan Guaranty Program
E519659
The VA Home Loan Guaranty Program is a U.S. Department of Veterans Affairs benefit that helps eligible veterans, service members, and certain surviving spouses obtain home financing with favorable terms, often without a down payment or private mortgage insurance.
Statements (49)
| Predicate | Object |
|---|---|
| instanceOf |
United States veterans benefit
ⓘ
federal home loan guaranty program ⓘ |
| administeredBy | U.S. Department of Veterans Affairs NERFINISHED ⓘ |
| alsoKnownAs |
VA Home Loan Program
NERFINISHED
ⓘ
VA Loan Guaranty Program NERFINISHED ⓘ |
| benefit |
no prepayment penalty on VA-guaranteed loans
ⓘ
potentially lower interest rates compared to some conventional loans ⓘ |
| benefitType |
loan guaranty
ⓘ
mortgage assistance ⓘ |
| country |
United States of America
ⓘ
surface form:
United States
|
| doesNotProvide | direct loans in most cases ⓘ |
| eligibilityIncludes |
National Guard members
NERFINISHED
ⓘ
Reserve members ⓘ active duty service members ⓘ certain surviving spouses of veterans ⓘ veterans ⓘ |
| feature |
federal guaranty reduces lender risk
ⓘ
funding fee generally required unless exempt ⓘ limits on maximum loan amount tied to county loan limits and entitlement ⓘ no VA-mandated minimum credit score, but lenders may set their own ⓘ |
| fundingFee | may be financed into the loan amount ⓘ |
| fundingFeeExemption |
certain veterans with service-connected disabilities
ⓘ
surviving spouses receiving Dependency and Indemnity Compensation ⓘ |
| intendedUse |
purchase of a primary residence
ⓘ
refinancing of an existing mortgage ⓘ |
| loanType |
Interest Rate Reduction Refinance Loan
NERFINISHED
ⓘ
Native American Direct Loan (for eligible Native American veterans on trust land) NERFINISHED ⓘ cash-out refinance loan ⓘ purchase loan ⓘ |
| occupancyRequirement | borrower must generally occupy the property as a primary home ⓘ |
| oversightBy | Veterans Benefits Administration NERFINISHED ⓘ |
| provides |
access to favorable mortgage terms
ⓘ
assistance to borrowers in default under certain circumstances ⓘ guaranty on a portion of a home loan made by private lenders ⓘ limits on certain closing costs ⓘ no private mortgage insurance requirement ⓘ possibility of more flexible credit standards ⓘ potentially no down payment requirement ⓘ |
| purpose |
facilitate homeownership for veterans and service members
ⓘ
help eligible veterans obtain home financing ⓘ |
| relatedConcept |
VA entitlement
ⓘ
VA funding fee ⓘ VA loan limits ⓘ |
| relatedProgram | Native American Direct Loan Program NERFINISHED ⓘ |
| requires | Certificate of Eligibility ⓘ |
| riskMitigation | VA may provide loss-mitigation assistance to servicers ⓘ |
| statutoryAuthority | Title 38 of the United States Code NERFINISHED ⓘ |
| targetPopulation | eligible U.S. military-affiliated borrowers ⓘ |
| worksWith | private mortgage lenders ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.