U.S. Department of Veterans Affairs VA-backed Purchase Loan

What is U.S. Department of Veterans Affairs VA-backed Purchase Loan?

U.S. Department of Veterans Affairs VA-backed Purchase Loan is a grant for homebuyers in Statewide, California.

• VA-guaranteed mortgage. No down payment required. No PMI. Competitive interest rates. Funding fee 1.4%-3.6% (financed; waived for service-disabled).
• VA-guaranteed first mortgage with no down payment, no PMI, competitive rates, and limited closing costs. Available to eligible service members, veterans, and surviving spouses.
• Funding comes from U.S. Department of Veterans Affairs (guaranty).

Do you have to pay it back?

U.S. Department of Veterans Affairs VA-backed Purchase Loan is structured as a grant, so it is not repaid.

• Repayment is triggered by per VA loan terms.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

U.S. Department of Veterans Affairs VA-backed Purchase Loan is open to buyers who will live in the home as their primary residence.

What are the income limits?

U.S. Department of Veterans Affairs VA-backed Purchase Loan sets its income limit as follows: None (VA underwriting guidelines).

• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

U.S. Department of Veterans Affairs VA-backed Purchase Loan can be used for Single-family, Condo (VA-approved), Townhouse, Manufactured (real property), 2-4 unit owner-occupied.

• Manufactured homes are eligible.

Is there eligibility for specific groups?

U.S. Department of Veterans Affairs VA-backed Purchase Loan names veterans, active-duty service members, reservists and National Guard members, and surviving spouses among the groups it serves.

• Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Where does it apply?

U.S. Department of Veterans Affairs VA-backed Purchase Loan serves buyers purchasing in Statewide, California.

How do you apply?

Applications for U.S. Department of Veterans Affairs VA-backed Purchase Loan go through the administering agency.

1. 1

   Contact the administering agency to reserve funds

   Funds are reserved with the provider and are subject to availability.

2. 2

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.