As you probably know, VA helps Service members, Veterans, and eligible surviving spouses become homeowners. Their mission is to serve military members and their families and to help them obtain the most favorable loan opportunities as well as provide support services for the same.

The VA may also provide a home loan guaranties and / or help you buy, build, repair, retain, or adapt a home. One requirement may be that it be your personal residence. VA loans are provided by private lenders and supported by the VA. The VA also may guarantee a portion of your loan which would enable a lender to provide more favorable loan terms.

There are many benefits to taking this path. Namely, and sorry to be repetitive, but a loan with more favorable terms – terms that may be unattainable under more conventional lending methods. Those terms may result in a lower interest rate and therefore lower payments. The down payment requirements may be eased in some cases. Plus, you may have the ability to take cash out and put directly back into your pocket.

- There are several other benefits that may apply:

- Purchase Loans – cashing out, lower rates, not requiring private mortgage insurance.

- Interest Rate Reducation (IRRRL – Interest Rate Reduction Refinance Loan also called a streamline refinance loan.

- Native American Direct Loan – a program designed for Native American Veterans