{"id":993,"date":"2016-11-01T13:45:17","date_gmt":"2016-11-01T17:45:17","guid":{"rendered":"https:\/\/blog.spcollege.edu\/veterans\/?p=993"},"modified":"2024-02-13T08:30:01","modified_gmt":"2024-02-13T13:30:01","slug":"va-home-loan-guaranty-program","status":"publish","type":"post","link":"https:\/\/blog.spcollege.edu\/veterans\/va-home-loan-guaranty-program\/","title":{"rendered":"The VA Home Loan Guaranty Program"},"content":{"rendered":"

Since 1944, VA has backed over 22 million home loans for Veterans and their families.\u00a0 The program provides a guaranty for mortgage loans made by private lenders to eligible Veterans.\u00a0 The guaranty backing effectively eliminates the need for a down payment, helping Veterans afford homeownership.\u00a0 No other major no-down mortgage program exists in the market today, and typically around 90% of VA loans are obtained with no down payment.\u00a0 As of September 30, we reached the milestone of over 700,000 home loans guaranteed for the fiscal year 2016.\u00a0\u00a0 That 700,000+ figure is the most home loans guaranteed in one fiscal year in the history of the program.<\/p>\n

VA continues to modernize the program, reducing time spent in the loan approval process while also improving the accuracy of benefit delivery, Veteran outreach and communication. These improvements have allowed VA to maximize opportunities to promote the attractiveness of the program to lenders, builders, real estate agents and most importantly to our active duty Servicemembers, Veterans, and surviving spouses.<\/p>\n

The VA Home Loan program benefit is not a one-time benefit– it\u2019s reusable.\u00a0 VA loans can be obtained for up to the full appraised value of the home (100% loan-to-value).\u00a0 In addition, there is the potential for these loans to include up to $6,000 towards improvements for energy efficiency, AND the loan funding fee can be rolled right into the loan balance.\u00a0 VA waives that funding fee for Veterans who receive VA compensation benefits, those who are service-connected disabled, but serving on active-duty, or those drawing retirement pay. Some surviving spouses are also exempt from the funding fee.<\/p>\n

We are proud to say that our VA Home Loan program can also help Veterans who are current homeowners.\u00a0 Many borrowers are now looking to take advantage of historically low interest rates to refinance their homes.\u00a0 Just 5 years ago, the average interest rate for a 30-year fixed mortgage was 6%; today that same rate is around 3.5%.\u00a0 Veterans can reuse their VA benefit to streamline refinance an existing VA loan, often with no money out of pocket.\u00a0 On these streamline refinance loans, VA requires no appraisal and no credit underwriting, which can be of great assistance to Veterans who may have suffered a minor credit setback, or whose home values may have declined during these past few years.\u00a0 Last year, a streamline refinance decreased the average Veteran\u2019s interest rate 1.4%, and saved $202 a month in mortgage payments.\u00a0 Cumulatively, our Veteran borrowers saved over $300M last year!<\/p>\n

For Veterans with FHA or conventional loans, VA can also assist with the \u2018regular\u2019 refinance program.\u00a0 Since VA does not charge borrowers upfront or monthly mortgage insurance premiums, refinancing from an FHA loan into a VA loan can save Veteran borrowers a significant amount of money.<\/p>\n

We encourage Veterans to seek the advice of a financial professional to determine what mortgage decisions are in their best interest, but wanted you to know that the VA Home Loan program stands ever-ready to serve them, providing the opportunity to purchase or refinance a home.<\/p>\n

In addition, VA stands ready to assist Veterans who have already obtained a VA home loan.\u00a0\u00a0If you already have a VA loan and are facing financial difficulty, please call to speak to VA loan representatives at 877-827-3702.\u00a0 In FY16, of all loans that defaulted, 84% were saved from foreclosure.<\/p>\n

Veterans may obtain a Certificate of Eligibility for their Home Loan Guaranty benefit online through eBenefits or through their lender: https:\/\/www.ebenefits.va.gov\/ebenefits\/homepage<\/u><\/a><\/p>\n

Learn more about Interest Rate Reduction Refinance (IRRRL) streamline refinance loans (on VA\u2019s website here:\u00a0\u00a0 http:\/\/www.benefits.va.gov\/HOMELOANS\/irrrl.asp<\/u><\/a>)<\/u>.<\/p>\n

VA information specific to the Home Loan Guaranty Funding Fees is here:<\/p>\n

http:\/\/www.benefits.va.gov\/HOMELOANS\/purchaseco_loan_fee.asp<\/u><\/a><\/p>\n

Information on the VA Home Loan Guaranty, directly from the Department of Veterans Affairs, is available at eBenefits.\u00a0 Key program facts can be found here:\u00a0 http:\/\/www.benefits.va.gov\/homeloans\/<\/u><\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Since 1944, VA has backed over 22 million home loans for Veterans and their families.\u00a0 The program provides a guaranty for mortgage loans made by private lenders to eligible Veterans.\u00a0 The guaranty backing effectively eliminates the need for a down payment, helping Veterans afford homeownership.\u00a0 No other major no-down mortgage program exists in the market … Continue reading The VA Home Loan Guaranty Program<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":12,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"coauthors":[11],"class_list":["post-993","post","type-post","status-publish","format-standard","hentry","category-general-news"],"yoast_head":"\r\nThe VA Home Loan Guaranty Program - Veterans Services<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/blog.spcollege.edu\/veterans\/va-home-loan-guaranty-program\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"The VA Home Loan Guaranty Program - Veterans Services\" \/>\r\n<meta property=\"og:description\" content=\"Since 1944, VA has backed over 22 million home loans for Veterans and their families.\u00a0 The program provides a guaranty for mortgage loans made by private lenders to eligible Veterans.\u00a0 The guaranty backing effectively eliminates the need for a down payment, helping Veterans afford homeownership.\u00a0 No other major no-down mortgage program exists in the market … Continue reading The VA Home Loan Guaranty Program →\" \/>\r\n<meta property=\"og:url\" content=\"https:\/\/blog.spcollege.edu\/veterans\/va-home-loan-guaranty-program\/\" \/>\r\n<meta property=\"og:site_name\" content=\"Veterans Services\" \/>\r\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/spc.student.veterans.association\" \/>\r\n<meta property=\"article:published_time\" content=\"2016-11-01T17:45:17+00:00\" \/>\r\n<meta property=\"article:modified_time\" content=\"2024-02-13T13:30:01+00:00\" \/>\r\n<meta name=\"author\" content=\"Jeff Cavanagh\" \/>\r\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\r\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jeff Cavanagh\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\r\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/blog.spcollege.edu\\\/veterans\\\/va-home-loan-guaranty-program\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/blog.spcollege.edu\\\/veterans\\\/va-home-loan-guaranty-program\\\/\"},\"author\":{\"name\":\"Jeff Cavanagh\",\"@id\":\"https:\\\/\\\/blog.spcollege.edu\\\/veterans\\\/#\\\/schema\\\/person\\\/af4e79eaa9e19983531877742da49a1e\"},\"headline\":\"The VA Home Loan Guaranty Program\",\"datePublished\":\"2016-11-01T17:45:17+00:00\",\"dateModified\":\"2024-02-13T13:30:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/blog.spcollege.edu\\\/veterans\\\/va-home-loan-guaranty-program\\\/\"},\"wordCount\":653,\"articleSection\":[\"General News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/blog.spcollege.edu\\\/veterans\\\/va-home-loan-guaranty-program\\\/\",\"url\":\"https:\\\/\\\/blog.spcollege.edu\\\/veterans\\\/va-home-loan-guaranty-program\\\/\",\"name\":\"The VA Home Loan Guaranty Program - Veterans Services\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/blog.spcollege.edu\\\/veterans\\\/#website\"},\"datePublished\":\"2016-11-01T17:45:17+00:00\",\"dateModified\":\"2024-02-13T13:30:01+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/blog.spcollege.edu\\\/veterans\\\/#\\\/schema\\\/person\\\/af4e79eaa9e19983531877742da49a1e\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/blog.spcollege.edu\\\/veterans\\\/va-home-loan-guaranty-program\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/blog.spcollege.edu\\\/veterans\\\/va-home-loan-guaranty-program\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/blog.spcollege.edu\\\/veterans\\\/va-home-loan-guaranty-program\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/blog.spcollege.edu\\\/veterans\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The VA Home Loan Guaranty Program\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/blog.spcollege.edu\\\/veterans\\\/#website\",\"url\":\"https:\\\/\\\/blog.spcollege.edu\\\/veterans\\\/\",\"name\":\"Veterans Services\",\"description\":\"Serving all education needs and providing information about scholarships, job expos and more.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/blog.spcollege.edu\\\/veterans\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/blog.spcollege.edu\\\/veterans\\\/#\\\/schema\\\/person\\\/af4e79eaa9e19983531877742da49a1e\",\"name\":\"Jeff Cavanagh\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/eab39ab134e0a4932124a35de5ce23bd30ed3da1c7388c7507de2a38a3b4b751?s=96&d=mm&r=g239265e3c378f0139fa7b234a350fb6a\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/eab39ab134e0a4932124a35de5ce23bd30ed3da1c7388c7507de2a38a3b4b751?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/eab39ab134e0a4932124a35de5ce23bd30ed3da1c7388c7507de2a38a3b4b751?s=96&d=mm&r=g\",\"caption\":\"Jeff Cavanagh\"},\"description\":\"Jeff Cavanagh spent his freshman year at St. Petersburg Junior College back in the early 70s before enlisting in the United States Navy. Soon after, he attended Jacksonville University on a Navy ROTC scholarship. After college, he was commissioned and became a qualified Surface Warfare Officer spending the next 22 years honing his skills as a ship-handler and expert recruiter before retiring in 1994. Jeff expresses a deep sense of pride in St. Petersburg College due to connections that go back many years. His father, Tom Cavanagh, was a career Air Force fighter pilot and combat veteran who taught Geography and Western Civilization at St. Petersburg Junior College in the 60\u2019s and 70\u2019s.\",\"sameAs\":[\"http:\\\/\\\/www.spcollege.edu\\\/Veterans\\\/\",\"https:\\\/\\\/www.facebook.com\\\/spc.student.veterans.association\"],\"url\":\"https:\\\/\\\/blog.spcollege.edu\\\/veterans\\\/author\\\/jeff-cavanagh\\\/\"}]}<\/script>\r\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"The VA Home Loan Guaranty Program - Veterans Services","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/blog.spcollege.edu\/veterans\/va-home-loan-guaranty-program\/","og_locale":"en_US","og_type":"article","og_title":"The VA Home Loan Guaranty Program - Veterans Services","og_description":"Since 1944, VA has backed over 22 million home loans for Veterans and their families.\u00a0 The program provides a guaranty for mortgage loans made by private lenders to eligible Veterans.\u00a0 The guaranty backing effectively eliminates the need for a down payment, helping Veterans afford homeownership.\u00a0 No other major no-down mortgage program exists in the market … Continue reading The VA Home Loan Guaranty Program →","og_url":"https:\/\/blog.spcollege.edu\/veterans\/va-home-loan-guaranty-program\/","og_site_name":"Veterans Services","article_author":"https:\/\/www.facebook.com\/spc.student.veterans.association","article_published_time":"2016-11-01T17:45:17+00:00","article_modified_time":"2024-02-13T13:30:01+00:00","author":"Jeff Cavanagh","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Jeff Cavanagh","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/blog.spcollege.edu\/veterans\/va-home-loan-guaranty-program\/#article","isPartOf":{"@id":"https:\/\/blog.spcollege.edu\/veterans\/va-home-loan-guaranty-program\/"},"author":{"name":"Jeff Cavanagh","@id":"https:\/\/blog.spcollege.edu\/veterans\/#\/schema\/person\/af4e79eaa9e19983531877742da49a1e"},"headline":"The VA Home Loan Guaranty Program","datePublished":"2016-11-01T17:45:17+00:00","dateModified":"2024-02-13T13:30:01+00:00","mainEntityOfPage":{"@id":"https:\/\/blog.spcollege.edu\/veterans\/va-home-loan-guaranty-program\/"},"wordCount":653,"articleSection":["General News"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/blog.spcollege.edu\/veterans\/va-home-loan-guaranty-program\/","url":"https:\/\/blog.spcollege.edu\/veterans\/va-home-loan-guaranty-program\/","name":"The VA Home Loan Guaranty Program - Veterans Services","isPartOf":{"@id":"https:\/\/blog.spcollege.edu\/veterans\/#website"},"datePublished":"2016-11-01T17:45:17+00:00","dateModified":"2024-02-13T13:30:01+00:00","author":{"@id":"https:\/\/blog.spcollege.edu\/veterans\/#\/schema\/person\/af4e79eaa9e19983531877742da49a1e"},"breadcrumb":{"@id":"https:\/\/blog.spcollege.edu\/veterans\/va-home-loan-guaranty-program\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/blog.spcollege.edu\/veterans\/va-home-loan-guaranty-program\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/blog.spcollege.edu\/veterans\/va-home-loan-guaranty-program\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/blog.spcollege.edu\/veterans\/"},{"@type":"ListItem","position":2,"name":"The VA Home Loan Guaranty Program"}]},{"@type":"WebSite","@id":"https:\/\/blog.spcollege.edu\/veterans\/#website","url":"https:\/\/blog.spcollege.edu\/veterans\/","name":"Veterans Services","description":"Serving all education needs and providing information about scholarships, job expos and more.","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/blog.spcollege.edu\/veterans\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/blog.spcollege.edu\/veterans\/#\/schema\/person\/af4e79eaa9e19983531877742da49a1e","name":"Jeff Cavanagh","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/eab39ab134e0a4932124a35de5ce23bd30ed3da1c7388c7507de2a38a3b4b751?s=96&d=mm&r=g239265e3c378f0139fa7b234a350fb6a","url":"https:\/\/secure.gravatar.com\/avatar\/eab39ab134e0a4932124a35de5ce23bd30ed3da1c7388c7507de2a38a3b4b751?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/eab39ab134e0a4932124a35de5ce23bd30ed3da1c7388c7507de2a38a3b4b751?s=96&d=mm&r=g","caption":"Jeff Cavanagh"},"description":"Jeff Cavanagh spent his freshman year at St. Petersburg Junior College back in the early 70s before enlisting in the United States Navy. Soon after, he attended Jacksonville University on a Navy ROTC scholarship. After college, he was commissioned and became a qualified Surface Warfare Officer spending the next 22 years honing his skills as a ship-handler and expert recruiter before retiring in 1994. Jeff expresses a deep sense of pride in St. Petersburg College due to connections that go back many years. His father, Tom Cavanagh, was a career Air Force fighter pilot and combat veteran who taught Geography and Western Civilization at St. Petersburg Junior College in the 60\u2019s and 70\u2019s.","sameAs":["http:\/\/www.spcollege.edu\/Veterans\/","https:\/\/www.facebook.com\/spc.student.veterans.association"],"url":"https:\/\/blog.spcollege.edu\/veterans\/author\/jeff-cavanagh\/"}]}},"_links":{"self":[{"href":"https:\/\/blog.spcollege.edu\/veterans\/wp-json\/wp\/v2\/posts\/993","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.spcollege.edu\/veterans\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.spcollege.edu\/veterans\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.spcollege.edu\/veterans\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.spcollege.edu\/veterans\/wp-json\/wp\/v2\/comments?post=993"}],"version-history":[{"count":1,"href":"https:\/\/blog.spcollege.edu\/veterans\/wp-json\/wp\/v2\/posts\/993\/revisions"}],"predecessor-version":[{"id":994,"href":"https:\/\/blog.spcollege.edu\/veterans\/wp-json\/wp\/v2\/posts\/993\/revisions\/994"}],"wp:attachment":[{"href":"https:\/\/blog.spcollege.edu\/veterans\/wp-json\/wp\/v2\/media?parent=993"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.spcollege.edu\/veterans\/wp-json\/wp\/v2\/categories?post=993"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.spcollege.edu\/veterans\/wp-json\/wp\/v2\/tags?post=993"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/blog.spcollege.edu\/veterans\/wp-json\/wp\/v2\/coauthors?post=993"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}