VA helps Servicemembers, Veterans, and eligible surviving spouses become homeowners. As part of the VA mission, they provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy.

VA Home Loans are provided by private lenders, such as banks and mortgage companies. VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms.

Most VA Home Loans are handled entirely by private lenders and VA rarely gets involved in the loan approval process.VA "stands behind" the loan by guaranteeing a portion of it. If something goes wrong and you can't make the payments anymore, the lending institution can go to the VA to cover any losses they might incur. The VA loan guaranty is the "insurance" that VA provides the lender.

The guarantee VA provides to lenders allows them to provide you with more favorable terms, including:

• No down payment as long as the sales price doesn't exceed the appraised value.

• No private mortgage insurance premium requirement.

• VA rules limit the amount you can be charged for closing costs.

• Closing costs may be paid by the seller.

• The lender can't charge you a penalty fee if you pay the loan off early.

• VA may be able to provide you some assistance if you run into difficulty making payments.

VA home loans can be used to:

• Buy a home,

• Build a home

• Simultaneously purchase and improve a home

• Improve a home by installing energy-related features or making energy efficient improvements

• Buy a manufactured home and/or lot

• To refinance an existing VA-guaranteed or direct loan for the purpose of a lower interest rate

• To refinance an existing mortgage loan or other indebtedness secured by a lien of record on a residence owned and occupied by the veteran as a home

You must have satisfactory credit, sufficient income, and a valid Certificate of Eligibility (COE) to be eligible for a VA-guaranteed home loan. The home must be for your own personal occupancy.

Nearly all veterans and active duty service members will meet the eligibility requirements to obtain a COE. Reservists who have completed at least six years

In the Selected Reserves or National Guard are also eligible if they were discharged from the service with an honorable discharge or are still serving.

For more information on VA Home Loans, contact Charles Mix County Veterans Service Officer Jerry Seiner at the office in the county courthouse or by calling 605-487-7691 or 605-481-1338.