A VA loan is a type of mortgage loan issued by private lenders and partially guaranteed, by the government's Department of Veterans Affairs (VA). This government-backed guarantee provides several benefits to active military personnel as well as eligible veterans and spouses. VA loans can be used to purchase a primary residence or to refinance an existing mortgage.

VA loans are available for the following individuals:

- Current members of the military or National Guard.
- Veterans who've served in the military or National Guard for 90 consecutive days during wartime.
- Veterans who've served in the military or National Guard for 181 consecutive days during peacetime.
- Veterans who've been discharged or released for a service-connected disability.
- Spouses of military or National Guard personnel who died in the line of duty.

In addition to meeting one of the above qualifications, you must still qualify for a VA loan with the individual lender and this means meeting their requirements for credit score and income. To better understand if you qualify, it's best to reach out to an approved VA lender directly.

There are two main advantages to a VA loan: They allow for 0% down payments and don't require mortgage insurance.

For many prospective homeowners, the idea of swapping monthly rent payments for monthly mortgage payments is rather enticing as the money isn't simply 'wasted' on rent. However, not everyone is able to gather the 10%-30% which is usually required to purchase a home. This is often the biggest obstacle for homeowners and VA loans are here to help you overcome the financial burden of a down payment.

Secondly, mortgage insurance can easily add up to hundreds of dollars every month but because the loan is guaranteed by the government, you aren't required to pay for mortgage insurance.

When applying for a VA loan, you'll need to fill out some basic information on the mortgage company's website. This includes information about your military experience, information about the type of home you plan on purchasing, and some details about your current financial situation. The entire application process can be done online and often takes about 5 minutes to complete.

Yes! You can absolutely use a VA loan to refinance a mortgage and often this can save you $100's every month.
When you initially applied and received your mortgage it may have been before you were eligible for a VA loan. If you or your spouse has served in the military after signing your mortgage, refinancing with a VA loan can not only save you money by lowering your APR, it can also help you save by removing your monthly mortgage insurance payments.

Although the Covid-19 pandemic has caused many difficulties, the crisis also offers an opportunity for borrowers to secure lower mortgage rates online. Mortgage interest rates have fallen since March 2020, making this an ideal time to apply for a mortgage. This is especially true for VA loans which already offer low rates to borrowers.

Most lenders will clearly display instructions for applying during the current crisis and some have taken steps to make the process even easier online.