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​The United States Department of Veterans Affairs (VA) guarantees loans made to veterans and not remarried surviving spouses for the purchase or refinancing of homes, condominiums and manufactured homes. The VA guarantees part of the total loan, permitting the veteran 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.
The VA also requires a down payment for a home or condominium if the purchase price exceeds the reasonable value of the property or if the loan has a graduated payment feature. With a VA guaranty, the lender is protected against loss up to the amount of guaranty if the borrower fails to repay the loan.

 A VA loan guaranty can be used to:

  • ​Buy a home
  • Buy a residential condominium
  • Build a home
  • Repair, alter or improve a home
  • Refinance an existing home loan
  • Buy a manufactured home with or without a lot
  • Buy and improve a manufactured home lot
  • Install a solar heating or cooling system or other weatherization improvements
  • Refinance a VA loan to reduce the interest rate
  • Refinance a manufactured home loan to acquire a lot

 Loan Guaranty Entitlement

​Loan Amount​Guaranty Percent​Dollar Value
​Up to $45,000​50%​$22,500
​$45,001 to $144,000​40% - 50%​$36,000
​$144,001 to $359,000​40%​$60,000
$359,001 to $417,000​​25%​$104,250
​Manufactured home and/or loan40%​​$20,000

 

Additional information may be found at: www.homeloans.gov or phone 1-800-729-5772.

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