Program Search

VA Fixed Rate Loans
Department of Veterans Affairs
vba.va.gov

Program Overview

VA Fixed Rate Loans is a program that provides Veterans with a 15 to 30 year fixed rate mortgage loan in 5 year increments with no down payment requirement. This program is available to Veterans in all 50 states.

Who is eligible for this program?

Borrowers must be a veteran who served the minimum duty with other than a dishonorable discharge. Veterans must have had at least 181 days of active duty in the military service. Un-remarried surviving spouses of eligible veterans and Reservists/National Guardsmen are also eligible. To be eligible for a VA loan you must have a Certificate of Eligibility, which determines the maximum loan for which you are eligible. The Certificate of Eligibility is normally issued shortly after discharge from the military. Most mortgage lenders can obtain this form for you. Qualification for borrowers are based on VA approved loans from participating mortgage lenders. Funds can be used for home purchases, interest rate reduction refinancing, rate and term/cash out refinancing and construction loan refinancing. Is this program for first time buyers only? No

Property Eligibility Requirements

This program has no restrictions on location. The sales price cannot exceed $ 359,650 for the Continental U.S. and $ 539,475 for Alaska and Hawaii for home purchases; and $ 144,000 for rate and term/cash out refinance (including funding fee which applies unless borrower is exempt). Allowable property types: Single family, VA approved Condo's and PUD's, manufactured homes, modular pre-cut/panelized housing, 1-4 unit properties. Co-ops are not eligible.

Benefit Details

The maximum loan amount for the Continental U.S. is $359,650 (including the funding fee). For Alaska and Hawaii the maximum loan amount is $539,475 (including the funding fee). The loan maximum may be up to 100% of VA-established reasonable value of property. For resale, purchase or new construction. A VA-assigned appraiser must be used. Benefit: No down payment, no cash reserves required. Loan Term: 15 to 30 years Homebuyer Counseling / Education Required: No Owner Occupancy Required: Yes Other Program Comments: Also available is a 3/1 Hybrid ARM with a 30 year term.

Please note: Every attempt is made to reflect accurate and up to date information on housing programs displayed on this site. Some inaccuracies may exist. For verification contact a certified REALTOR member or a participating Lender.