Fighting for our country is the responsibility of the brave and courageous. Now that you've completed your service, you're ready to get your life back on track. Fortunately, with the VA's assistance, raising money to buy, build, or refinance a home loan doesn't have to be a test of bravery, as well.

What's a VA Loan?

The VA Home Loan Guaranty Program helps you procure an affordable mortgage loan. VA home loans are made by private lenders-usually a bank, credit union or other financial institution-and are guaranteed by the federal government. The federal guaranty makes you a relatively low-risk borrower, thereby providing you access to more attractive loan terms.

The primary advantages of VA-guaranteed mortgages are:

• No down payment is required on loan amounts up to $417,000.
• Interest rates are competitive and negotiable.
• There are no prepayment penalties.
• Mortgage insurance is not required.
• Closing costs and origination fees are limited.

A VA-backed mortgage can be used to buy an existing home, build a new home, or refinance another mortgage. If you're in the market for a refinance home loan, the VA program can help you:

• Convert a conventional mortgage to a VA loan.
• Cash out home equity.
• Lower your interest rate on an existing VA loan.

Finding a VA Loan

If you don't already have a Certificate of Eligibility, you'll need to apply for one at your local VA office. When it's time to apply for the loan, you'll present your Certificate to the lender, along with the other required documentation. Either the VA or the lender will appraise the home to determine an appropriate loan value. From there, the lender makes a loan decision based on your income, the value of the home, and the federal guaranty.

Having defended our country's freedom, you've earned the right to avoid going to battle with a mortgage lender.