VA mortgages make homeownership dreams come true for active military members and veterans.

If you’re an active military member or veteran, you have access to one of the most powerful home financing options: a VA home loan.

VA home loans through Consumers are appealing because:

• No down payment required
• Competitive interest rates
• Limited closing costs
• Private Mortgage Insurance (PMI) not required
• Fixed interest rates
• No prepayment penalty

With a VA loan, if you choose to make a down payment, 100% of the funds can be gift funds, which means money given to you from family members or others can be used for closing costs or down payments. If you’re refinancing your home, you can opt for a 100% cash-out, which takes advantage of the equity you’ve built. So, in exchange for taking out a larger mortgage, you’d get to pocket the difference in cash to be used as you want.

In addition to active members and veterans of the four major service branches, including the Army, Navy, Air Force and Marine Corps, Reserve and National Guard members are also eligible for VA Loans. Details regarding full eligibility for VA benefits are available on the U.S. Department of Veterans Affairs website. One stipulation requires that VA loans can only be used to purchase a home you will live in.

Some spouses eligible for VA home loans
According to the U.S. Department of Veterans Affairs, some spouses can also take advantage of VA home loans. A spouse can apply if they are eligible for, or in receipt of, a qualifying Dependency and Indemnity Compensation (DIC) benefit award, and fall under one of the following conditions:

• Un-remarried surviving spouse of a Veteran who died while in service (active, reserve or national guard) or from a service-connected disability
• Un-remarried surviving spouse of a Veteran whose disability may not have been the cause of death where the disability meets certain criteria
• Surviving spouse who remarries on or after December 16, 2003, after attaining age 57
• Spouse of a living service member missing in action (MIA) or a prisoner of war (POW) for more than 90 days, for as long as the service member is in that status (this is one-time use only)

Learn more
For a deep dive on this valuable home loan option for veterans, check out the VA Home Loan Guaranty Buyer’s Guide. You can also get more info about VA loans by contacting a Consumers mortgage loan officer or giving us a call at 800-991-2221.

Consumers helps more than 2,000 members finance land, first and second homes, and home improvement projects each year. We’d love to help you with a mortgage or home equity line of credit; contact us online or call us at 800-991-2221