A VA-guaranteed loan can be used to buy a home, manufactured home or condominium; buy a lot for a manufactured home; build, repair or improve a home (including energy-efficient improvements); or refinance an existing loan. These loans can also be used for rate and term refinancing or cash-out refinancing of a primary residence.
Key elements of VA-insured loans:
- Competitive interest rates
- Easier qualification requirements
- Borrower does not have to pay for private mortgage insurance