What are VA loans and who can obtain them?

By Jason Gelios REALTOR®/Author      5 min. read

Oftentimes I get asked about what mortgage options are available for my clients. Having a mortgage background I felt compelled to share with you what a VA loan is and how a home buyer could benefit from it. 

A VA loan is a guaranteed loan backed by the government. Similar to an FHA loan, a VA loan is backed by the government which means less risk to the lender. An eligible home buyer could get this type of loan at a very attractive rate. 

Here are nine benefits to a VA loan:

1. No down payment required
2. No required mortgage insurance
3. Government guaranteed
4. Lower interest rates than conventional mortgages
5. Closing costs are lower
6. VA loans are assumable
7. Easier to qualify for
8. No prepayment penalty
9. Many types of VA loans

You may be thinking to yourself that there are a lot of benefits to this loan. You would be right!

So who is eligible for this type of loan:

Active-duty service persons
National Guard Members
Reservists
Surviving spouses of veterans
US Military, Air Force and Coast Guard Cadets
US Naval Academy MIdshipmen
National Oceanic & Atmospheric Administration Officers

I always recommend that my clients speak with a competent lender that can consult with them and match them with the best mortgage option. 

​