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How to use VA Loans for Home Ownership

Summary of VA Loans

Home ownership is a dream and a big decision. The VA Loans program helps veterans, servicemen, and their families obtain or keep their own residence. The VA itself does not provide these loans, but banks and mortgage companies are the lenders.
This is how this loan can benefit you:

  • Lower interest rate than a conventional loan
  • Little or no down payment and mortgage insurance is not needed
  • Even if you pay off early; there is no penalty

Eligibility for a VA Loan is guaranteed if:

  • You purchase a home or condo
  • Build a home
  • Buy a house and repair its condition
  • A current home loan is refinanced
  • You refinance one you have to lower the interest rate
  • Purchase a manufactured home to be permanently attached to a lot you own


Make your home more energy efficient
A Certificate of Eligibility is a valid document that states you meet credit and income standards for a VA Loan. You must have been discharged for other reasons than dishonorable.

Service Requirements


  • You purchase a home or condo
  • Build a home
  • WWII- 90 days
  • Post WWII- 181 days
  • Korean War-90 days
  • Vietnam War-90 days
  • Post Vietnam War-181 days
  • 24-month rule is the full period which you reported for duty
  • Gulf War-24 months or at least 90 days

    Active Duty Members-90 days
    National Guard & Reserve Members
    Gulf War-90 days
    Even if you do not meet the minimum service requirements, you may still apply for benefits if you were discharged due to (1) hardship, (2) the convenience of the government, (3)certain medical conditions, or (4)service related disability

    Three Types

    VA Home Loans have three types of guaranty programs, Purchase Loan, Streamline Refinance, and Cash-Out Refinance.

    Purchase Loan

    This will assist you in a buying a home at a competitive interest rate. There is no down payment required or the need to buy mortgage insurance

    Cash-Out Refinance

    This choice is for people who need to cash out the equity on their home. Perhaps you have other debt, school tuition, or to make home improvements. Also, it can be used to refinance a non-VA loan to a VA one. This can be up to 100% of the value of your home. There are also limits on how much you can borrow. However, VA limits the amounts they will assume, and this will affect the amount an institution will loan you. They vary by county because the value of a home depends on its area. The maximum is 25% of the loan limit for amounts over $144,00.


    Joe Canestraro NMLS # 219951,OH #LO.001509.000; FL #LO24523, Branch Phone 330 865 9600 Ph. Ext. 1
    Home Loans and Refinancing for the States of Ohio and Florida.
    The Money Connection, a DBA of Polaris Home Funding Corp. NMLS #38072, Phone (616) 667-9000.
    The Money Connection, Inc. BBB Business Review