Why a Veterans Affairs (VA) Loan? Among other things, a VA home loan can be used to:
- Buy a home or a condominium unit
- Build a home
- Simultaneously purchase and improve a home
- Buy a manufactured home and/or lot.
Currently, banks are requiring large down payments for many types of loans, putting home ownership out of reach for many prospective buyers. A VA loan still allows the borrower to buy a home, up to a loan amount of $417,000, or even higher in designated high-cost areas, with no money down.