VA Home Loan
38 U.S.C. Chapter 37
Statute
38 U.S.C. Chapter 37
Key Benefits
- No down payment required
- No private mortgage insurance (PMI)
- Competitive interest rates
- Limited closing costs
- No prepayment penalty
- VA funding fee may be waived for service-connected disabilities (10%+)
Eligibility
Active Duty
90 continuous days during wartime, 181 days during peacetime
Guard Reserve
6 years of service (or 90 days under federal activation orders)
Surviving Spouse
Un-remarried surviving spouse of veteran who died in service or from service-connected disability
COE
Certificate of Eligibility (COE) required — can be obtained online at VA.gov, through lender, or by mail (VA Form 26-1880)
Irrrl
Name
Interest Rate Reduction Refinance Loan
Benefit
Streamlined refinance of existing VA loan — minimal documentation, no appraisal usually required