Types Of VA Home Loans You Can Qualify For

Types Of VA Home Loans You Can Qualify For

The Department of Veteran Affairs offers VA loans to assist veterans, active duty service members, and qualifying spouses in obtaining affordable mortgages and housing. In addition to avoiding mortgage insurance, you can borrow funds without making a down payment if you qualify for one.

Let us take a look at what are the different types of VA Home Loans and how you can qualify for them:

VA Purchase Loan

With a VA loan, veterans and service members can purchase a new or existing home with no down payment required by veterans and service members. Veterans can also use VA purchase loans to buy single-family homes, condominiums, manufactured homes, multi-unit properties, and even new construction.

Lenders may have different policies and guidelines. VA purchase loans may not be available from all lenders.


The Interest Rate Reduction Refinance Loan (IRRRL) is the most popular among the two refinancing options offered by the VA loan.

They’re also called VA Streamlines, and that’s because they are simple, low-cost refinance loans that don’t require credit underwriting, income verification, or appraisals in some cases.

In addition to the requirement that your new rate is lower than your old rate, the VA IRRRL limits the time it takes to recoup your costs and fees. As a result, Veterans will be able to realize their full financial benefit.

VA Cash-Out Refinance

A VA Cash-Out refinance allows qualified homeowners to refinance their mortgage and withdraw cash from their home’s equity. Veterans with or without existing VA loans can apply for these loans. The value of a home can be refinanced up to 90 percent for qualified homeowners.

Depending on the lender, loan-to-value requirements may differ. With these loans, homeowners do not need to take out cash, which means that Veterans with non-VA mortgages can refinance their mortgages at an introductory rate and term.

VA Energy Efficient Mortgage

When a veteran buys or refinances a home, energy efficiency improvements can be paid for with a VA loan.

Those who qualify can receive an additional $6,000 for solar heating and cooling, storm or thermal windows, and heat pumps. Homeowners can’t use this option for non-permanent additions like appliances and window air conditioners.

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