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>> Locate Federal Benefits >> U.S. Department of Veterans Affairs

WHAT IS IT: BENEFITS REPORT

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Additional information on Federal benefits may be found through:

bullet U.S. Department of Veterans Affairs
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Details appear below for each of the benefit programs you selected to be included in this Benefits Report. Based on the information you provided, it appears that you may be eligible to participate in or receive benefits from these programs (GovBenefits.gov cannot guarantee your eligibility).

IMPORTANT: This information will be lost once you leave the GovBenefits.gov website.

You may wish to print this report for future reference. Created on Oct. 18, 2004

Program name Am I eligible?
Active Duty or Veteran Construction Loan Am I eligible?

Eligibility criteria
VA is authorized to guarantee loans to eligible veterans to construct a residence to be owned and occupied by the veteran as a home. The loan may include simultaneous purchase of the land on which the residence is situated or will be situated.

To qualify for a VA loan, the law requires that you must be an eligible veteran who has available home loan entitlement; the loan must be for an eligible purpose; you must occupy or intend to occupy the property as your home within a reasonable period of time after closing the loan; you must have enough income to meet the new mortgage payments on the loan, cover the costs of owning a home, take care of other obligations and expenses, and still have enough income left over for family support (a spouse's income is considered in the same manner as the veteran's); and you must have a good credit record.

Description
VA loan guaranties are made to servicemembers, veterans, reservists national guard and qualifying unmarried surviving spouses for the purchase of homes, condominiums and manufactured homes and for refinancing loans. VA guarantees part of the total loan, permitting the veteran purchaser to obtain a mortgage with a competitive interest rate, without a down payment. VA requires a down payment for a home or condominium when the purchase price exceeds the appraised reasonable value of the property or the loan has a graduated payment feature.

Managing organization
U.S. Department of Veterans Affairs http://www.va.gov/

Program contact information & web resources
For more information about this program, please visit:
http://www.homeloans.va.gov

  
 
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