VA Loan Q & A

The VA determines what are "Eligible Loan purposes" and currently you can use a VA Loan to buy a home, which includes a townhouse or condominium unit in a VA approved project. You may use the VA Loan to repair, alter or improve a home or to simultaneously purchase and improve a home. A VA Loan can also be used to refinance a existing mortgage loan.

The maximum guarantee is 25% of the loan amount up to a guarantee of $89,912. The maximum loan amount is $359,650, Alaska and Hawaii have higher limits.

A home loan entitlement does not expire while still on active duty. If the Veteran is discharged or released from active duty before using the entitlement, a new determination must be made, based on the length of service and the type of discharge received.

The Veteran must occupy the home at or soon after the closing of the VA Loan. It must be the Veteran's primary residence. The Veteran made buy up to a four family unit and rent out the other units. To do this type of loan the Veteran must demonstrate that he or she has experience with rental properties.

Not through this program. The Veteran wouls have to go to the SBA(Small Business Administration). The SBA does give preference to Veterans. Their website is www.sba.gov.

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