Veterans Home Loan Guarantees, Salem VA Medical Center

The Virginia Department of Veterans Services advocates for Virginia veterans and connects them to earned benefits and services. Information on current federal, state, and local veterans’ programs, entitlements, and referral services is available in Virginia through a network of 34 benefit service offices. All services are provided free of charge. For Benefit eligibility information, click here.

The U.S. Department of Veterans Affairs (VA) makes loan guaranties to service members, veterans, reservists, and unmarried surviving spouses for the purchase of homes, condominiums, manufactured homes and refinancing loans. The VA guarantees part of a total loan, permitting the purchaser to obtain a mortgage with a competitive interest rate, even without a down payment if the lender agrees. The VA requires that a down payment be made 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 the guaranty if the borrower fails to repay the loan. Visit the website for more information.