Many veterans and service personnel are eligible for VA financing. Even though a veteran may have already used their loan benefits, it may be possible for them to buy homes again with VA financing using remaining or restored entitlement.
VA loans are among the last of the 0% down programs available on the market today. With no down payment required, no monthly mortgage insurance and low interest rates, the VA loan is one of the most unique and powerful loan program available for those that qualify.
The amount of guaranty on the VA loan depends on the loan amount and whether the veteran used some entitlement previously. With the current maximum guaranty, a veteran who hasn’t previously used the benefit may be able to purchase a home up to $417,000, depending on the borrower’s income level and the appraised value of the property, without putting any money down.