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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.