The safety of Virginia’s Service Members, Veterans, their families, and our staff is our highest priority. Due to COVID-19, VDVS benefit offices are open for virtual and limited in-person services. Unfortunately, we are unable to assist walk-in clients at this time. Please contact us by clicking on your local office listing below. Local phone number(s) or email address(es) are available on each office page. To use the VDVS online appointment tool to request an appointment click here. VDVS team members look forward to serving you.
Home Loan Guarantees
The U.S. Department of Veterans Affairs (VA) makes loan guaranties to service members, veterans, reservists and unmarried surviving spouses for the purchase of homes, condominiums, manufactured homes and for refinancing loans. The VA guaranties part of a total loan, permitting the purchaser to obtain a mortgage with a competitive interest rate, even without a down payment if the lender agrees. The VA requires that a down payment be made for the purchase of a manufactured home.
The VA also requires a down payment for a home or condo if the purchase price exceeds the reasonable value of the property, or if the loan has a graduated payment feature. With a VA guaranty, the lender is protected against loss up to the amount of the guaranty if the borrower fails to repay the loan. A VA loan guaranty can be used to:
- buy a home
- buy a residential condominium
- build a home
- repair, alter, or improve a home
- refinance an existing home loan
- buy a manufactured home with or without a lot
- buy and improve a manufactured home lot
- install a solar heating or cooling system or other weatherization improvements
- purchase and improve a home simultaneously with energy-efficient improvements
- refinance an existing VA loan to reduce the interest rate and make energy-efficient improvements
- refinance a manufactured home loan to acquire a lot
Visit the U.S. Department of Veterans Affairs’ loan guaranty site to learn more.