What You Need To Know About VA Loans

Can our American veterans get help with their home loans?

Is there a down payment required for a VA home loan?

World War I officially ended when the Treaty of Versailles was signed on June 28, 1919. However, it was on November 11th, 1918 when “the war to end all wars” was considered over. That was the day under armistice or temporary cessation between Allied Nations and Germany and fighting stopped. That day became known as “Armistice Day”.

President Wilson honored the veterans of that First World War commemorating Armistice Day with these words:

"To us in America, the reflections of Armistice Day will be filled with solemn pride in the heroism of those who died in the country’s service and with gratitude for the victory, both because of the thing from which it has freed us and because of the opportunity it has given America to show her sympathy with peace and justice in the councils of the nations…" - VA.com

Armistice Day Became Veterans Day

Armistice Day became a legal holiday in 1938 in honor of the veterans of World War I. Years later, when World War II ended and then American forces also later fought against Korea, the word “Veterans” replaced the word “Armistice” to include all American veterans of all wars.

Today, We Celebrate Veterans Day

On this Veterans Day, we honor and are thankful for the men and women who have served and sacrificed for our country.

We do this by detailing what our veterans need to know about VA home loans. We will break down what they are, who is eligible, the benefits and how much is available.

VA Home Loans Defined: The VA home loan allows those who have served or are serving in the U.S military a loan to purchase a primary residence. The Veterans Affairs Department does not provide the loan. Instead, they guarantee a portion of the loan, making that loan much easier to obtain.

Eligibility: According to Zillow.com, veterans are those currently serving in the US Military. Those in the US Military are not the only ones eligible for this loan. Reservist/National Guard members and some surviving spouses are included in the list as well.

Benefits: According to the Veterans Affairs,

  • As long as the sale price does not surpass the appraised value of the home, there is no down payment required.
  • You are not required to pay private mortgage insurance premiums.
  • There is a limited amount that can be charged in closing costs.
  • You cannot be charged a penalty fee by the lender for paying the loan off early.
  • If you have trouble making payments, the VA may be able to help.

How Much Can a Veteran Borrow?

There is no set limit to how much you can borrow for your home. According to the VA’s website, there is a limit to how much liability the VA will assume and that can affect how much is lent to you.

“The loan limits are the amount a qualified Veteran with full entitlement may be able to borrow without making a down payment.” - VA.com

The basic entitlement for each Veteran is $36,000. Oftentimes lenders will loan up to four times that amount without down payment. As a veteran your income, credit and the property’s appraisals will also play a role in it.

However, each county has a loan limit. According the VA’s latest revised loan limits, the limit is $417,000. For loans over $144,000, only 25% of the loan is guaranteed by the VA.


For more information on whether or not you qualify for a VA Home Loan, visit the VA’s website, Home Loan Eligibility.

In Closing

From all of us at the Jamey Kramer Group, we would like to extend our sincere appreciation again to all our veterans and all those currently serving our country today.