Home Loans

Home Loan Guaranties


Veterans Affairs (VA) guarantees loans made to service members, veterans, reservists and un-remarried eligible surviving spouses for the purchases or refinancing of homes, condominiums and manufactured homes. VA guarantees part of the 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 a down payment for the purchase of a manufactured home. VA also requires a down payment for a home or condo if the purchase price exceeds the reasonable value of the property or the loan has a graduated payment feature. With a VA guaranty, if the borrower fails to repay the loan, the VA will pay the loan up to the guaranteed amount.

A VA loan guaranty can be used to:
  • Build a Home
  • Buy a Home
  • Buy a Manufactured Home With or Without a Lot
  • Buy a Residential Condominium
  • Buy and Improve a Manufactured Home Lot
  • Install a Solar, Heating or Cooling System, Weatherization or Other Improvements
  • Purchase and Improve a Home
  • Refinance an Existing Home Loan
  • Refinance an Existing Va Loan
  • Refinance a Manufactured Home Loan to Acquire a Lot
  • Repair, Alter or Improve a Home

Eligibility


Applicants must have a good credit rating, have an income sufficient to support mortgage payments, and agree to live in the property. To obtain a VA certificate of eligibility, complete VA Form 26-1880, "Request for Determination of Eligibility and Available Loan Guaranty Entitlement", and submit to the nearest VA Regional Office. The Veterans Service Office will be glad to assist you in this process.