A VA loan is sponsored by the Veterans Administration and is a government insured, no down payment, loan for members and former members of the US armed forces. Additionally, armed forces Reserve members, both former and current – may be eligible for loan benefits from the Veterans Administration loan program.
The VA currently insures four primary types of VA loan programs. They are:
- 30 year fixed rate mortgages
- 15 year fixed rate mortgages
- 2/1 fixed rate buy-down
- Interest Rate Reduction Refinance for existing VA loans
Additionally, however, a number of variations of these loan programs exist and you should explore them with your loan agent when you have your initial meeting.