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Financing Benefits

More than 29 million veterans and service personnel are eligible for VA financing. Even though many veterans have already used their loan benefits, it may be possible for them to buy homes again with VA financing using remaining or restored loan entitlement.

  1. Before arranging for a new mortgage to finance a home purchase, veterans should consider some of the advantages of VA home loans
  2. The most important consideration is that no down payment is required in most cases.
  3. Loan maximum may be up to 100 percent of the VA established reasonable value of the property. Due to secondary market requirements, however, loans generally may not exceed a certain amount set by the VA.
  4. Flexibility of negotiating interest rates with the lender.
  5. No monthly mortgage insurance premium to pay.
  6. Limitation on buyer's closing costs.
  7. An appraisal which informs you of the property's value.
  8. Thirty year loans with a choice of repayment plans:
    • Traditional fixed payment (constant principal and interest; increases or decreases may be expected in property taxes and homeowner's insurance coverage);
    • Graduated Payment Mortgage - GPM (low initial payments which gradually rise to a level payment starting in the sixth year); and
    • In some areas, Growing Equity Mortgages - GEM (gradually increasing payments with all of the increase applied to principal, resulting in an early payoff of the loan).
  9. For most loans for new houses, construction is inspected at appropriate stages to ensure compliance with the approved plans, and a 1-year warranty is required from the builder that the house is built in conformity with the approved plans and specifications. In those cases where the builder provides an acceptable 10-year warranty plan, only a final inspection may be required.
  10. An assumable mortgage, subject to VA approval of the assumer's credit.
  11. Right to prepay loan without penalty.
  12. VA performs personal loan servicing and offers financial counseling to help veterans avoid losing their homes during temporary financial difficulties.


PRMI NMLS No. 3094. Branch NMLS 252910. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification. This office is licensed and examined by the Office of Consumer Credit Commissioner of the State of Texas. Alabama Banking Department Bureau of Banking MC 20316. Arkansas Securities Department 11558. Florida Office of Financial Regulation MLD646. Department of Banking and Finance 6521. Office of Financial Institutions #771. Missouri Division of Finance. Mississippi Department of Banking and Consumer Finance, 3094. Oklahoma Department of Consumer Credit ML010027. Department of Financial Institutions 109282.

PRMI NMLS No. 3094. Branch NMLS 252910. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification. This office is licensed and examined by the Office of Consumer Credit Commissioner of the State of Texas. Alabama Banking Department Bureau of Banking MC 20316. Arkansas Securities Department 11558. Florida Office of Financial Regulation MLD646. Department of Banking and Finance 6521. Office of Financial Institutions #771. Missouri Division of Finance. Mississippi Department of Banking and Consumer Finance, 3094. Oklahoma Department of Consumer Credit ML010027. Department of Financial Institutions 109282.