Financial Tools
VA Loans and Qualifications

As a gesture to returning World War II veterans, Congress enacted the Servicemen's Readjustment Act of 1944, which among other benefits, authorized the Department of Veteran's Affairs (VA) to guarantee loans to eligible Vets. The original guarantee was for the first 50% of the loan amount or $2000 whichever was less at that time. This has been increased throughout the years to the current guarantee of $50,750. The VA appraises the house and then issues a Certificate of Reasonable Value (CRV) that establishes the amount on which these figures are based. The interest rate is no longer set by the government and the payment of discount points are a negotiable item.

This program was designed to allow a veteran to buy a home with no money down. The maximum loan amount allowable is $203,000. For more information, talk to your Realtor® or mortgage lender.